Broncos Acquire Jaylen Waddle in Blockbuster Trade with Dolphins
The Denver Broncos have acquired wide receiver Jaylen Waddle from the Miami Dolphins in exchange for multiple draft picks, according to reports from NFL Insider Tom Pelissero and ESPN's Adam Schefter. Anonymous sources familiar with the deal also confirmed the transaction to The Associated Press on Tuesday, noting that the deal has not been officially announced.
Trade Details
Under the terms of the agreement, the Denver Broncos sent the 30th, 94th, and 130th overall selections in the upcoming NFL Draft to the Miami Dolphins. In return, the Broncos received Jaylen Waddle and the 111th overall selection in the 2026 NFL Draft.
Following the trade, the Broncos' current draft pick arsenal for the 2026 NFL Draft includes:
- Round two: #62
- Round four: #108 and #111
- Round five: #170
- Round seven: #246, #256, and #257
Player Profile: Jaylen Waddle
Jaylen Waddle, a former #6 overall pick in the 2021 NFL Draft, played five seasons with the Miami Dolphins. During his tenure, he accumulated 373 catches for 5,039 yards and 26 touchdowns. His career catch percentage stands at 69%, with 252 of his receptions resulting in first downs.
Waddle recorded three consecutive 1,000-yard receiving seasons at the start of his career, with his most recent 1,000-yard season occurring in 2023.
Over his five-year career, he has averaged 81 receptions, 1,098 receiving yards, and six touchdowns per season. As a rookie, he achieved a career-high 104 catches. In 2022, he recorded 1,356 receiving yards, leading the NFL with 18.1 yards per catch for that season.
Financial Implications
The Miami Dolphins incurred dead cap money as a result of the trade. The Denver Broncos will assume Waddle's contract, which includes approximately $5 million against the salary cap in 2026, $27 million in 2027, and $30 million in 2028. Adjustments to Waddle's contract are anticipated to ensure Denver's compliance with the 2027 salary cap.
Team Context: Denver Broncos
This transaction marks the Broncos' first significant external addition during the current offseason, as the team had primarily focused on retaining its own players. The Broncos' passing offense ranked 11th in the NFL last season.
In the 2025 season, the Broncos achieved the AFC's No. 1 seed but were defeated by New England in the AFC championship game.
Quarterback Bo Nix was unavailable for the AFC Championship game due to an ankle injury sustained earlier in the divisional round. The Denver defense recorded an NFL-high and franchise-record 68 sacks, with Nik Bonitto contributing 14. The offense frequently relied on Nix's late-game performances, contributing to the team winning 12 one-score games and achieving 10 comebacks during an 11-game winning streak in 2025. Nix holds a 25-11 record, including playoffs, over his two seasons. Additionally, the team's backfield experienced the loss of J.K. Dobbins to a season-ending foot injury mid-season.
Team Context: Miami Dolphins
The Miami Dolphins have undertaken several roster and coaching changes recently. The team previously released wide receiver Tyreek Hill and quarterback Tua Tagovailoa. Following a 7-10 record last season, coach Mike McDaniel was fired, and Jeff Hafley was hired as his replacement. The Dolphins also invested $45 million guaranteed in Malik Willis to replace Tagovailoa.