The Dolphins are continuing their roster makeover, trading receiver Jaylen Waddle and a 2026 fourth-round pick to the Broncos in exchange for a 2026 first-round pick (30th overall), a 2026 third-round pick and a 2026 fourth round pick.

Waddle, 27, caught 64 passes for 910 yards and 6 touchdowns last season, his fifth inthe NFL. For his career, he has 373 receptions for 5,039 yards and 26 touchdowns.

Waddle is already under contract for three years at $84.75 million. 2026 will be the first year of an extension he signed with the Dolphins in 2024. $35.98 million was fully guaranteed at signing, which included an $18.87 million signing bonus, which counts against the Dolphins as dead cap. He is fully guaranteed this season at $16.63 million. $15.2 million of his $23 million salary in 2027 is already guaranteed, vested once the new league year began, and the same structure applies if he's on the roster in March 2027 for the 2028 season.

My take: The Broncos reload for a title run while the Dolphins unload for a rebuild. What was the point of signing Malik Willis if he has no one to throw to? Tutu Atwell, Jalen Tolbert and Malik Washington are the team's starting receivers at the moment, and some human named Greg Dulcich is the tight end. Good thing Willis can run.