Jaylen Waddle beat Tua Tagovailoa to the finish line in the race for Miami Dolphins contract extensions.
Waddle on Thursday agreed to an extension through 2028 that ESPN reports will pay him $84.5 million in new money. He was already under contract through 2025 for $20 million total, meaning his true AAV over the next five seasons is roughly $21 million.
Miami Dolphins’ Jaylen Waddle Agrees to 3-Year Contract Extension
This is good value for both sides. Waddle gets an additional $76 million guaranteed just three years into his rookie deal, and the Dolphins lock down one of the league’s best young receivers through his prime.
“I couldn’t be more happier,” Tyreek Hill wrote on Twitter after news of the deal broke.
Added cornerback Jalen Ramsey: “YEAHHHHH DUB! Get that munyun! BIG YEAR loading!”
YEAHHHHH DUB! Get that munyun! BIG YEAR loading! https://t.co/sJdMzIRNeh
— Jalen Ramsey (@jalenramsey) May 30, 2024
Waddle, 25, has more receiving yards in his first three seasons (3,385) than any Miami Dolphins player ever.
Even with the arrival of Tyreek Hill in 2022, he has 147 catches for 2,370 yards and 12 touchdowns in his last two seasons.
Waddle’s been one of Chris Grier’s best draft picks ever, living up to his high draft billing. He went sixth overall in 2021.
MORE: Who Are the NFL’s Highest-Paid WRs in 2024?
Waddle’s deal likely doesn’t much hurt the team’s 2024 salary cap situation. As of Thursday morning, they had just $2.6 million in available cap space, per the NFLPA’s daily report. But another $18.5 million will free up this weekend when Xavien Howard’s deal comes off the books.
Instant video reaction to Miami Dolphins-Jaylen Waddle contact extension pic.com/FRGzgmITk8
— Adam Beasley (@AdamHBeasley) May 30, 2024
Plus, Waddle was already costing the Dolphins $8.6 million in cap charges this year and $15.6 million next.
Per Pro Football Talk, Waddle got an $18.9 million signing bonus, and will earn the following in base salaries over the next five years: $1.1 million in 2024, $16.1 million in 2025, $16.6 million in 2026, $23.4 million in 2027, and $25.8 million in 2028.
Waddle also can earn up to earn roughly $3 million more in roster and workout bonuses over the next five years. His back-of-the-napkin cap charges each year? $4.9 million in 2024, $20 million in 2025, $21 million in 2026, $27.8 million in 2027, and $31 million in 2028.
Assuming these numbers are correct, the new deal will cost the Dolphins just $700,000 in new cap charges the next two years.
Waddle’s deal comes just weeks after his friend and former college teammate DeVonta Smith agreed to a three-year extension of his own. Waddle’s extension — assuming the reported details are accurate — includes $12 million in more money over the next five seasons.
The Waddle deal continues the team’s vision to compete in the present and build a bridge to the future.
Another big step in that process?
Ironing out extensions with Tagovailoa and Jevon Holland, who, unlike Waddle, are in contract years. Tagovailoa’s agent and the Dolphins have for months been talking about a long-term deal, but apparently, there’s some daylight between each side’s position.
KEEP READING: Dolphins Expect Big Things From Slimmed-Down Tua Tagovailoa
Tagovailoa’s expected market value is in excess of $50 million annually, although the biggest sticking point is likely guaranteed money.
Tagovailoa and Holland have both attended Dolphins voluntary OTAs, while Waddle has been notable in his absence. The entire team is scheduled to be together next week for mandatory minicamps.
