The Dolphins exercising Jaylen Waddle‘s fifth-year option gives them an extra year to work on a potential extension. Prior to this, only one team had extended a wide receiver with two years left on their rookie contract during the fifth-year option era. Miami will now be joining Philadelphia in going against this trend.
ESPN’s Adam Schefter reports that Waddle and the Dolphins have agreed on a three-year deal worth $84.75MM, with a hefty $76MM guaranteed. By exercising Waddle’s option, he will be tied to the Dolphins through the 2028 season.
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Waddle’s average annual value of $28.25MM ranks him fourth among wide receivers, falling between the deals received by Tyreek Hill and Davante Adams in 2022. While Waddle’s deal is lower in AAV compared to A.J. Brown and Amon-Ra St. Brown, it boasts more total guarantees than Hill’s deal from two years ago. With $76MM guaranteed, Waddle trails only Brown ($84MM) and St. Brown ($77MM). The specific amount guaranteed at signing by the Dolphins has not been disclosed.
This move diverges from previous trends. The Eagles previously reached an early extension with Waddle’s former Alabama teammate, DeVonta Smith, on a three-year, $75MM deal this offseason. This represented the first instance of a team extending a rookie-contract wide receiver with two years left in the option era (2014-present). Miami now finds itself in the company of the NFL’s highest-paid wideouts by employing Hill and Waddle.
While Hill’s $30MM-per-year contract from 2022 to 2024 features a significant final-year salary to elevate the AAV, Waddle’s deal, as reported by NFL.com’s Mike Garafolo, does not include any artificial inflation to reach the $28.25MM AAV. The future negotiations for Hill, set to expire in 2025, may see him seeking adjustments beyond his 2026 base salary. Comparatively, Waddle’s extension runs through 2026.
Waddle has excelled as a WR2 alongside Hill in Miami’s dynamic offense, amassing three consecutive 1,000-yard seasons to start his career. His 3,385 receiving yards rank 16th in NFL history through three seasons but are third among his 2021 draft class peers, following St. Brown and Ja’Marr Chase.
Although Waddle missed a few games last season, his impact was evident, recording 1,356 yards and eight touchdowns in 17 games with Hill. Waddle led the league with 18.1 yards per reception in 2022 and played a key role in Tua Tagovailoa‘s progress under Mike McDaniel. His 2.73 yards per route run ranks fourth in the NFL among wideouts with 800-plus routes run over the past two years, according to ESPN.
While an extension for Tagovailoa is pending, the Dolphins have secured his former Alabama teammate, Waddle, in a long-term deal. This move may prove strategic considering the escalating WR market.
Other teams like the Vikings and Cowboys may soon surpass the $35MM-per-year threshold for their top wideouts like Justin Jefferson and CeeDee Lamb, influenced by Waddle’s extension. The ongoing talks with 2020 first-rounder Brandon Aiyuk of the 49ers could also see an impact. The rising market for receivers is apparent as more players from the 2021 draft class secure second contracts.
As Miami navigates through this offseason, the focus remains on Tagovailoa’s contract discussions, complemented by the earlier decision to lock in Waddle. The outcome of Tagovailoa’s negotiations will shape the team’s approach moving forward, especially with both of his top targets now signed for the long term. While the attention is on Waddle currently, Tagovailoa’s looming contract year will play a significant role in the Dolphins’ offseason strategy.
