The Miami Dolphins definitely won the Jaylen Waddle trade. Or did the Denver Broncos? We are so confused. The reality is that both teams won this trade. Miami will get younger and get out of a bad contract. The Broncos get a solid receiver who will give a better option to Bo Nix.
Stephen A. Smith is one of the more controversial personalities in the NFL, but his takes can often be at least interesting. On Wednesday's First Take episode, Smith had a chance to weigh in on who was the biggest loser in this deal. He names the Buffalo Bills.
Who's the biggest loser in the Jaylen Waddle trade: Dolphins or Broncos?@stephenasmith gives a different answer 👀 pic.twitter.com/f5doHgxgR2
— First Take (@FirstTake) March 18, 2026
Miami Dolphins rival Buffalo Bills named the biggest loser in Jaylen Waddle trade
To be honest, he isn't that far off. The Broncos are going to be better with Waddle than the Dolphins were with him on their roster. Buffalo hasn't lost much sleep over losing to the Dolphins since Josh Allen was drafted. In fact, they have owned every part of the Dolphins but the South Florida heat.
Buffalo tried in vain to make a move for Waddle at the deadline last season. Miami balked at giving him to a division rival, but the compensation the Dolphins were asking for wasn't doable for the Bills, or it might have been completed.
The Bills have been looking for receiver help this offseason, and it is possible they made another pitch to the Dolphins for the WR, but at this point, it no longer matters. Waddle is in Denver.
"The reports were that the Dolphins wanted a first-round pick for Waddle in 2026, but the Bills didn't want to give up that much before 2027. The Bills lost 33-30 to the Denver Broncos (in the playoffs). Could you have won that game with Waddle?"Stephen A. Smith - First Take
He has a point. When you look back at the rare divisional trades Miami has made, Wes Welker should have brought a mid-round pick at best in return. Bill Belichick wanted him, so he gave the Dolphins what they wanted. He turned that second-round pick into a difference-maker who rewrote the script in New England.
The Bills got cold feet, but their loss is clearly Denver and Miami's game. The Dolphins may have settled for the Bills' first-round selection this year, but with Denver, they added a 3rd as well.