Steelers, Dolphins Pull Off Major Trade

What They're Saying

Here's ESPN insider Jeremy Fowler on the defensive players (via X):

"Minkah Fitzpatrick still a top-10 safety, but evaluators around league have seen some decline, and trade whispers regarding his future first surfaced in March. They've seen decline in Ramsey, too, but his versatility becomes valuable -- he can play on outside, nickel or safety."

ESPN's Adam Schefter also shared on X that Smith will sign a one-year extension worth $12 million.

2025 Fantasy Football Impact

Trade rumors have followed Smith for months, so today's trade isn't a shock.

In Pittsburgh, he's reunited with Arthur Smith, his OC in Tennessee. In 2020, Smith broke out for an 8-TD season, although he managed only 29.9 yards and 2.7 catches per game.

Of course, Smith's most recent production holds more weight. His 2024 included career highs in targets (111), catches (88), and receiving yards (884). He tied his personal best with 8 TDs.

But check this out: Per Fantasy Points, Smith tied for 12th among all players with 22 designed targets last year. He probably won't be force-fed that type of role in 2025.

After all, our current projections have Pittsburgh for around a 53% pass rate -- well below the league average. Aaron Rodgers is no longer a difference-maker at QB. And the Steelers have the RB/OL talent to emphasize the run.

At bottom, Smith projects as a complementary piece behind WR D.K. Metcalf.

As for TE Pat Freiermuth: He signed an extension last September and turns just 27 in season, so he won't be phased out of the offense. But Smith's arrival will make Freiermuth even more reliant on TD production.

Treat him as just a later-round flier in TE premium setups. Smith, meanwhile, is moving down our TE rankings.

On Miami's side, consider Jaylen Waddle and De'Von Achane the biggest winners. Smith's departure removes a 20% target share. Their current TE depth (Pharaoh Brown, Julian Hill) lacks proven talent.

Assuming good health, Waddle and Achane can easily pay off their ADPs. Waddle is particularly attractive at WR32 in Underdog ADP, although that number will likely rise several spots following today's news. His upside extends into mid-level WR2 range.