When Jon-Eric Sullivan took the Dolphins’ general manager job, he mentioned a small group of players that he would like to build around, but with a caveat: He will listen to trade offers on anyone.
The Denver Broncos made an offer for receiver Jaylen Waddle that Sullivan couldn’t refuse, and Miami’s most accomplished and experienced receiver was traded to the Broncos on Tuesday in a deal that, according to a source, lands the Dolphins a second first-round pick in April’s draft (30th overall) and other assets.
The full trade, pending Waddle passing a physical in Denver on Wednesday: Miami sent Waddle and its fourth-round pick (111th overall) to Denver for the 30th overall pick in this year’s draft and the Broncos’ third- and fourth-round selections in this year’s draft.
A month ago, Sullivan told Dolphins season-ticket holders that he would like to turn Miami’s eight picks this April into 11 or 12. He now has 11, after trading Minak Fitzpatrick to the Jets for a seventh-rounder and after trading one pick and Waddle for three picks in return.
The Dolphins now have two first-round picks (11th and 30th), one second-round pick (43rd) and four third-round picks (75th, 87th, 90th and the Broncos’ pick at 94). Miami also has picks No. 130 (in the fourth round), No. 151 (in fifth round) and 227th and 238th in the seventh round.
The 27-year-old Waddle, selected sixth overall by the Miami in the 2021 Draft, closes his Dolphins career with 373 catches for 5,039 yards (13.5 per catch) and 26 touchdowns. He finished sixth on Miami’s all-time receiving yardage list, behind Mark Duper, Mark Clayton, Nat Moore, Chris Chambers and O.J. McDuffie.
He caught a career-high 104 passes as a rookie, but his best season was 2022, Mike McDaniel’s first as Dolphins coach, when Waddle, Tyreek Hill and Tua Tagovailoa combined to form the league’s most dangerous aerial triumvirant.
Waddle had 75 catches for 1,356 yards that season, leading the NFL in yards per reception (18.1) while scoring eight touchdowns.
But Waddle’s production diminished the past three years because of myriad factors, including Tagovailoa’s regression, some drops by Waddle and Hill commanding more targets before his September injury last year.
After topping 1,000 yards in each of his first three seasons, Waddle posted 744 and 910 receiving yards the past two seasons. The 910 ranked 25th in the league this past season. Waddle, who ranks 11th in the NFL in receiving yards since entering the league, saw his yards per reception, never caught more than 75 passes in a season after hauling in 104 as a rookie in 2021.
Even with Hill’s season-ending injury in Week 4 last season, Waddle had only one 100-yard receiving game all season and finished with 64 catches for 910 yards and six touchdowns.
Of Waddle’s 75 receptions during his first season playing opposite Hill and in Mike McDaniel’s offense, 60 went for first downs. That dropped to 38 of 58 in 2024 and 48 of 64 this season. He had 26 receptions of 20 or more yards in 2022. This season? Just 14. But the quarterback shares some blame for that as well as the fact that Waddle’s 3.6 yards after catch was 111th among 219 NFL receivers this season.
Waddle’s departures leaves Jalen Tolbert (a former Cowboys starter), Tutu Atwell (a former Rams starter) and Malik Washington as the veterans in a room that also includes Tahj Washington, Terrace Marshall Jr. and Theo Wease Jr.
Miami is expected to address the position in the draft.
Two receivers projected in Miami’s range at 11 are Arizona State’s Jordyn Tyson (who was mocked to Miami by ESPN’s Mel Kiper) and Southern Cal’s Makai Lemon. “I originally had right tackle Francis Mauigoa (Miami) here,” Kiper said…. “But … then the Dolphins traded Jaylen Waddle to the Broncos, forcing me to tweak a few picks. If not for some durability concerns, Tyson would probably be the top receiver in the class.”
Receivers who could be available at No. 30 or perhaps at No. 43 include Notre Dame’s Malachi Fields (36 catches, 630 yards, 5 TDs), Georgia’s Zachariah Branch (81 catches, 811 yards, six touchdowns), Washington’s Denzel Boston (62, 881, 11 TDs), Tennessee’s Chris Brazzell II (62-1,017-9 TDs) and Texas A&M’s KC Concepcion (61, 919, 9 TDs).
Receivers projected for the third and fourth rounds include Alabama’s Germie Bernard, Louisville’s Chris Bell, USC’s 6-4 Ja’Kobi Lane, Baylor’s Josh Cameron, Baylor; Texas Tech’s Reggie Virgil; Oklahoma’s Deion Burks; Clemson’s Antonio Williams; Georgia Southern’s Ted Hurst; Georgia Tech’s Eric Rivers; Missouri’s Kevin Coleman Jr.; LSU’s Barion Brown; Mississippi State’s Brenen Thompson, Mississippi State; Indiana’s Omar Cooper Jr., and Elijah Sarratt.
Former Dolphins interim general manager Champ Kelly spoke to Denver and Buffalo about a Waddle trade before last October’s trade deadline, and Sullivan continued those talks with the Broncos in recent days. The new GM reportedly felt strongly about getting a first-round pick and more to consider any deal involving Waddle.
Waddle signed a three-year, $84 million extension with the Dolphins in May 2024. The contract runs through 2028.
Per overthecap.com, if the Dolphins were going to trade Waddle, it needed to happen realistically by the end of this week, because a $15.4 million option bonus that’s due on Friday. The Broncos are paying all future money owed Waddle, including his full 2026 salary.
His departure continues the purging of several veterans this offseason, including Tagovailoa, Hill, linebacker Bradley Chubb, Fitzpatrick; fullback Alec Ingold, kicker Jason Sanders and guard James Daniels.
Miami, to this point, has held onto the four other players that Sullivan suggested were building blocks: running back De’Von Achane, left tackle Patrick Paul, center Aaron Brewer and linebacker Jordyn Brooks.
But Sullivan also has said he wouldn’t be doing his job correctly if he didn’t listen to trade offers for anyone.
This story was originally published March 17, 2026 at 11:25 AM.
Barry Jackson
Miami Herald
Barry Jackson has written for the Miami Herald since 1986 and has written the Florida Sports Buzz column since 2002.
