The Miami Dolphins made more than just a commitment to Jaylen Waddle. They are setting him up to be the top wide receiver on the roster. This was made clear by giving him his monster three-year extension, with $76 million in guaranteed money. This isn't the first time a team has invested so much money on a wideout despite currently having another WR1.
The one team that comes to mind are the Indianapolis Colts. They had Marvin Harrison under contract and a young wide receiver in the wings, which they eventually extended while having Harrison on a large contract. That young receiver was T.Y. Hilton. Now, the Dolphins are following a similar path with Waddle and Tyreek Hill.
This just in: Miami and WR Jaylen Waddle reached agreement today on a three-year, $84.75 million contract extension that includes $76 million guaranteed, per sources. The deal makes Waddle one of the league’s top five highest-paid receivers.
— Adam Schefter (@AdamSchefter) May 30, 2024
WME Football negotiated and confirmed… pic.twitter.com/ePTd2j0Z50
Jaylen Waddle's extension is massive for the Dolphins for multiple reasons
Hill is under contract until 2025, and after that season, he will likely be let go. Hill has said that he might retire after 2025, and that would bode well for the Dolphins' timeline. Miami would get a lot of cap space back from Hill being gone, and Waddle would be the heir apparent to Hill taking over as the No. 1 wideout. The Dolphins can then do the same thing again and draft a top WR to eventually take over for Waddle. It's smart football.
Waddle is now under contract through the 2028 season, so the Dolphins are set for the next two seasons before a decision on Hill is made either by Miami or the playmaker. Chris Grier is in a good position right now with both WRs under contract. Yes, it is more cap space than teams typically want to have tied up, but if Grier plays his cards right, this is something he will get relief from in 2026 and he can continue the trend every few years.
The Dolphins needed to lock down Waddle. Not because he is a great No. 2 WR option for the team, but because he plays at a "one" level and is still learning the intricacies of the position. It's a win/win situation for the Dolphins, Grier, and Waddle.