The Dolphins are sending WR Jaylen Waddle to the Broncos, according to multiple reports. NFL Network's Tom Pelissero reports that Miami will also send the 11th pick of Round 4 in this year's draft, while getting back first-, third-, and fourth-round picks this year. Each of the picks Denver's sending sits 30th in that round. Waddle spent his first five seasons with the Dolphins after arriving as the sixth-overall pick in 2021. He set a then-record for a rookie with 104 receptions in 2021 and topped out at 1,356 receiving yards in Year 2.
NFL Network's Ian Rapoport: "The Dolphins held firm on any talks of a Jaylen Waddle trade, believing he was worth a first-rounder. ... The two teams started talking last year at the trade deadline and kept working."
This is easily the most obvious signal that Miami's punting 2026.
Waddle doesn't turn 28 until Nov. 25 and still has two more years beyond 2026 on his contract.
Moving to Denver gives him a clear QB upgrade -- Malik Willis to Bo Nix -- while arguably keeping him the most talented WR on his team.
Waddle trailed in targets behind a healthy Tyreek Hill (when that was a thing). But as I mentioned, he arrived as the No. 6 overall pick and immediately set an NFL record for rookie receptions (since broken twice).
In contrast, Courtland Sutton entered the league as a second-rounder and ranked just 37th league wide in target share (19.7%) last year, despite the next Bronco in that category being WR Troy Franklin at 16.6%.
Waddle dipped to a career-low 15.4% in 2024, a season marred by personal injury and overall offensive struggles for the team. But every other season has found him earning a larger share than Sutton drew in 2025.
Expect the pair to settle close in share (I'd bet on a Waddle edge), with TD fortune likely to decide the better fantasy scorer.
Heading to Denver stabilizes Waddle's outlook for the remainder of his current contract. Let this trade also serve as a reminder not to overrate the short-term outlook for a quality player. Situation can change quickly in the NFL.
WRs Pat Bryant, Troy Franklin, and Marvin Mims are clear losers. Don't be surprised if the Broncos move one of them before August cutdowns.
Who loses hardest will depend on which player Broncos coaches favor in the slot this year. Franklin played the most total slot snaps among the group in 2025. But Bryant ran a larger percentage of his plays from there and saw his usage increase late in the year.
Waddle and Sutton have each run as primarily outside wideouts throughout their careers.
QB Bo Nix probably stands out as the biggest winner, adding a gifted wideout in his prime.
Dolphins QB Malik Willis, meanwhile, looks poised to run an old-timey Wing-T offense.
Check our WR rankings to see how the move impacts Waddle, Sutton, and the rest of the group.
We'll be keeping an eye on best ball ADP to see how the market reacts.
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