When the Miami Dolphins opted to let go of Jonnu Smith after a Pro Bowl-caliber season, fans wondered who would replace him. The answer was Darren Waller and fans were not thrilled.
The trade sending Jalen Ramsey and Smith to the Steelers was expected, but Smith was a little harder to swallow given his performance last season. Smith's desire for a new, reworked contract was enough to send him packing, and he has been quiet about it.
Miami quickly made another trade with the Giants. The Dolphins sent the Giants a sixth-round pick in 2026 in exchange for Waller and a 2026 7th-round pick. It was initially reported they gave Waller a deal worth $5 million, which seemed like a lot for a player that was previously retired.
According to Spotrac, though, it is actually a one-year, $2 million deal with up to $3 million in incentives. While a small detail, it changes the perception completely.
Incentive-laced contract for Darren Waller is a great deal for the Dolphins
While Waller can make "up to" $5 million, the incentives are characterized as "not likely to be earned," but that is misleading. NLTBE incentives are based on the previous year's performance. Waller, of course, was retired in 2024.
What incentives Waller received are unknown, but provided they are not workout oriented, the former Pro bowler will likely have to earn them in the regular season.
In the Dolphins' offense, tight end isn't a big part of the system. Last year wasn't a typical Mike McDaniel season. Injuries forced McDaniel to lean heavier on Jonnu Smith, which is another reason Miami didn't want to commit to Smith financially.
It will be interesting to see how Waller fits into the offense. With training camp ramping up next week as veterans report, Waller will get his first work in with his new team.