Dolphins signing WR Jaylen Waddle to three-year, $84.75 million contract extension
The most expensive receiving duo in football now calls Miami their new home.
Dolphins receiver Jaylen Waddle has agreed to a three-year, $84.75 million extension, NFL Network Insider Ian Rapoport reported Thursday, per sources. Waddle’s extension includes $76 million in guaranteed money and vaults him into the top five highest-paid receivers in terms of average annual value ($28.25 million), joining $30 million-per-year man and Miami running mate Tyreek Hill.
The contract extension arrives at a time when the Dolphins have the financial capability to secure one of the NFL’s most efficient No. 2 receivers. Waddle, in his initial three seasons, has recorded 251 catches for 3,385 yards and 18 touchdowns, with three consecutive 1,000-yard seasons. They’ve realized Waddle’s importance in Coach Mike McDaniel’s offensive plan, particularly when he plays alongside Hill.
The timing is crucial here. Waddle is currently under contract until the 2025 season, with an affordable rookie rate of $8.6 million. This amount will increase to $15.6 million, a number still favorable for the team, due to a fifth-year option that Miami picked up in April. Therefore, the extension Waddle is set to sign this week won’t take effect until 2026. Given the recent trend of the salary cap increasing, this extension is likely to appear less costly for the Dolphins by that time.
The deal is both wise planning and a deserved reward for Waddle, who is clearly a key part of the Dolphins’ future. It does, however, raise an eyebrow regarding Tua Tagovailoa‘s contract situation, which is entering its fifth and final year in 2024. Tagovailoa led the NFL in passing yards in 2023, but doesn’t yet feel like a guarantee to receive a lucrative extension, perhaps instead playing 2024 on the fifth-year option in a prove-it season — and making extensions given to his collaborators slightly awkward in the meantime.
Despite what some may claim, these deals are undoubtedly connected. A Tagovailoa extension (or franchise tag) will affect the cap one year sooner than Waddle’s new deal, so getting Waddle’s deal done now — during an offseason that has already seen seven wideouts catch new contracts worth $23 million per year or more — rather than after massive extensions for Justin Jefferson and Ja'Marr Chase send the market even higher is the correct move. And if Tagovailoa doesn’t end up being worth a lucrative extension — an unlikely, but not impossible scene to imagine — Miami will still have a top young wideout already under contract for the future.
Tagovailoa still needs to demonstrate more than Waddle, but Waddle can support his quarterback’s financial gain by maintaining his performance like he has in his first three professional seasons. After all, Waddle owes his wealth to Tagovailoa for passing him the footballs. Everyone benefits in Miami.
