Dolphins and Jaylen Waddle agree to extension

10:00 p.m.: Waddle’s base salaries for 2024 and 2025 are fully guaranteed, and Pro Football Talk’s Mike Florio reports the Dolphins are giving their young 1,000-yard receiver early security for 2026. Waddle’s 2026 base salary (16 .6 million dollars) will move from injury guarantee to full salary. guaranteed in March 2025.

In addition to what is a player-friendly structure, the Dolphins will also guarantee a significant portion of Waddle’s 2027 base ($23.4 million) a year early. By March 2026, $15.2 million of that 27 salary will be converted from an injury guarantee to a full guarantee, Florio adds. The remainder of the salary becomes fully guaranteed in March 2027. Waddle’s 2028 salary ($25.8 million) is not guaranteed.

9:06 a.m.: The dolphins resume Jaylen WaddleTheir fifth-year option bought them an extra year on the extension front, and as of Thursday, only one team in the fifth-year option era had extended a wide receiver with two years of rookie contract control remaining. Miami will join Philadelphia in countering this trend.

Waddle and the Dolphins have agreed to a three-year deal worth $84.75 million, according to ESPN’s Adam Schefter. This deal, which has been on Miami’s radar for a while, will come with a whopping $76 million guaranteed. Once Waddle’s option is exercised, that will tie the 2021 first-rounder to the Dolphins through the 2028 season.

(RELATED: First Player Expansions in the Age of Fifth Year Options)

In terms of average annual value, Waddle’s $28.25 million figure ranks fourth at wide receiver — between 2022 deals given to Hill Tyreek And Davante Adams. While the Waddle agreement is to the south of the pacts concluded with AJ Brown and 2021 draft classmate Amon-Ra St. Brown earlier this year, in terms of AAV, it includes more total guarantees than Hill received two years ago. Waddle’s $76 million guaranteed is second only to Brown ($84 million) and St. Brown ($77 million). It is not yet clear to what extent the Dolphins guarantee Waddle upon signing.

This breaks with trends on several fronts. Eagles reach deal early with former Waddle Alabama teammate DeVonta Smith, giving the slim target a three-year, $75 million extension earlier this offseason. In the option era (2014–present), this marked the first time a team extended a rookie contract with two seasons of control remaining. By comparison, the Dolphins are wading into deeper waters, now employing two of the five highest-paid players in the NFL in Hill and Waddle.

Illustrating the increased value of the receiver market, the Dolphins join the Eagles, Buccaneers, Bears and Texans with two $20 million per year WRs. However, only Philadelphia and Miami have two extensions at $20 million per year through 2026.

Hill’s deal of $30 million per year, the highest figure for the position between March 2022 and April 2024, included a hefty final year salary to support the AAV. Waddle’s deal, according to Mike Garafolo of NFL.com, contains no trickery to reach the $28.25 million per year figure. It will now be interesting to see if the Dolphins adjust their All-Pro contract, which runs through 2026. While Hill’s contract carries that oft-talked-about average of $30 million per year, the future Hall of Famer’s guarantees expire by 2025. And Hill has long been considered unlikely to play at his 2026 base salary ($43.9 million), sparking a new negotiation between the sides.

As for Waddle, he joined Smith in providing quality WR2 work in a high-octane offense. The Dolphins, who fell nine spots to help the 49ers add Trey Lance in 2021, traded a future first-round pick to move from No. 12 to No. 6 for Waddle in this draft. They ended up with an instant weapon, although she moved to the No. 2 role once the team acquired Hill in 2022.

Waddle, 25, had three straight 1,000-yard seasons to start his career. His 3,385 receiving yards in three seasons rank 16th in NFL history. However, that number ranks third in his own draft class – behind St. Brown and Ja’Marr Chase. Waddle, however, is the first player in Dolphins history to begin a career with three consecutive 1,000-yard seasons.

Although Waddle missed three games last season, he only missed one game in his first two years. In 17 games alongside Hill in 2022, Waddle has totaled 1,356 yards and eight touchdown receptions. The younger of Miami’s two elite WR speedsters led the NFL with 18.1 yards per reception that season, playing a central role in Tua Tagovailoathe ascent under Mike McDaniel. Waddle’s 2.73 yards per route run ranks fourth in the NFL (among wideouts with more than 800 routes run) over the past two years, according to ESPN.

The Dolphins have yet to extend Tagovailoa, but they are making an early commitment to his former Crimson Tide target. This could certainly prove wise, given where the WR market might end up by the end of the offseason.

The Vikings and Cowboys face the prospect of approaching or surpassing the $35 million-a-year mark for their top players – Justin Jefferson, Lamb CeeDee — and this Waddle extension will likely impact the 49ers’ discussions with their fellow 2020 first-rounder Brandon Aiyuk. The Bengals have time with Chase, but given that three other receivers in the 2021 draft have now signed second contracts, the price tag goes up for Cincinnati.

For Miami, it will be interesting to see how the team proceeds with Tagovailoa. The talented QB’s talks, which have already resulted in a rejected offer, remain the centerpiece of this Dolphins offseason. A trade above the going rate of more than $50 million will change the equation for the Dolphins, who now have Tagovailoa’s two best weapons locked up long-term. While the team made an early move on Waddle, Tagovailoa is in a contract year.

The Colts are believed to have targeted Waddle Jonathan Taylor trade talks with the Dolphins last year, but GM Chris Grier as expected, this request was rejected. Less than a year later, Waddle was signed to the Dolphins for five more seasons. The Dolphins’ move with the fifth-year veteran will overshadow his other moves, although this Waddle pact continues an impactful offseason on the receiver front and will impact other teams conducting WR extension talks.