The NFL salary cap exceeded $300 million this year for the first time in league history. Yet, the Miami Dolphins are spending more than half of their allowance on players who are no longer with the team.
General manager Jon-Eric Sullivan knew that he had to tear it down before the Dolphins could start rebuilding, and to his credit, that's exactly what he's doing. However, it's impossible for the rest of the NFL not to take notice and wonder how Miami can even fill out a roster for 2026.
ESPN and NFL insider Adam Schefter touched on this very topic recently on his podcast, noting that 43 players currently on the Dolphins' roster are signed to minimum wage. "The next highest is 31," added Schefter. To his credit, Sullivan has done an immaculate job thus far of bargain shopping, but as Schefter comments, "We've never seen a team ever try to do what the Dolphins are about to try to do."
ESPN insider Adam Schefter makes clear the Miami Dolphins' financial struggles for the 2026 season
"The Dolphins have over $175 million in dead cap money," Schefter said of a salary cap that is around the $308 million mark. Obviously, much of that number is tied up in quarterback Tua Tagovailoa, who is on the Dolphins' books this year for $55.4 million and will be on their books for $43.8 million in 2027. Meanwhile, Tua will be playing this season for the Atlanta Falcons for just $1.3 million.
It's an ugly state of affairs for Miami, but one the organization must go through in order to come out clean on the other side. Former GM Chris Grier handed out a lot of bad contracts, and eventually, the piper gets paid.
Tua's contract is clearly the one that stands out, but it takes much more than that to get to the ~$180 million in dead money that the Dolphins are currently at. Other notable hits the Dolphins are taking from players no longer on the team are Tyreek Hill ($28.3 million), Jalen Ramsey ($20.9 million), Bradley Chubb ($11 million post-June 1), Terron Armstead ($10.7 million), and, following his request out of Miami, Jaylen Waddle ($23.2 million).
In terms of salary cap percentage, no team has even come close to what the Dolphins are doing. Over 60% of Miami's salary cap is going to total dead money. Since 2013, the Raiders are the second-highest team in that category, having spent 47.1% of their salary at just under $58 million during that time.
In the discussion, Schefter took an opportunity to comment on the status of Dolphins running back De'Von Achane. Following the Waddle trade, all eyes turned to Achane as a potential next one out. However, last week, Schefter reported that other teams were told Achane is not available via trade. The insider further backed up that report by predicting Achane will get a big extension this offseason.
Yet Schefter believes Achane should be next on the trade block for Miami, and that they should get what they can for him while he's at the top of his game.
"To me, I would've called on De'Von Achane. And if I were the Dolphins, I'd trade him too. I'd trade him too. Everybody, everybody is for sale," Schefter said. He added that Sullivan and head coach Jeff Hafley have been green-lighted by owner Stephen Ross to tear it down and given "leeway" to turn things around, but notes that time will tell when that patience runs out, and results are expected.
Schefter is obviously one of the top NFL insiders today, but when it comes to his reporting on Achane, I'm still somewhat skeptical. Personally, I think Miami's star RB is available in a trade, but Sullivan just hasn't received the right offer yet.
Sullivan was clear when he said that he viewed Waddle and Achane as building blocks, but if the right offer came around, he wouldn't be afraid to pull the trigger. Well, the right offer came around for Waddle, and now he's in Denver. The same could come to fruition with Achane, although things could get interesting if we get closer to training camp, and he's still on Miami's roster. In all likelihood, Achane will not suit up for practice without a new deal in place.
All in all, given what Sullivan has had to work with financially, he's done a relatively good job in signing veterans to league-minimum contracts. He's basically given guys who haven't panned out well despite high expectations a chance to prove themselves in hopes of better deals in 2027. By giving them little to no guaranteed money, it's a win-win for both sides.
Still, it's a fascinating development how bad Grier managed the Dolphins to see them spend 60+ percent of their salary on players no longer with the team at a time when the salary cap has boomed to over $300 million for the first time in NFL history.