Dolphins to pick up two 5th-round options for next season but still have to deal with Holland

Dec 17, 2023; Miami Gardens, Florida, USA; Miami Dolphins wide receiver Jaylen Waddle (17) scores a
Dec 17, 2023; Miami Gardens, Florida, USA; Miami Dolphins wide receiver Jaylen Waddle (17) scores a / Sam Navarro-USA TODAY Sports

The Miami Dolphins will pick up the 5th-year options for both Jaylen Waddle and Jaelan Phillips leaving only Jevon Holland left to deal with.

Miami watched as the Eagles extended their top 2021 WR draft pick, De'Vonta Smith, earlier this week but while a blueprint for Waddle may be laid out, Miami has yet to be rumored to be looking to do the same this early.

Instead, at least for now, the 5th-year option will guarantee that both Waddle and Phillips will be with Miami beyond this year. The option guarantees each player's salary in case of injury. Phillips is still injured but has said he believes he will be ready to go to start the season.

Holland is a different story. The 2nd round pick does not have a 5th-year option in play as that is only for first-round players. The Dolphins could use a franchise tag to keep Holland. That may not be cost-effective if the team allows both Phillips and Waddle to play out on their option years as they did with Christian Wilkins.

Money will be another issue for the Dolphins next season but Chris Grier will likely restructure and release players as needed to find the funds. It will be interesting to see who ends up on that list. With three big contracts coming up and an expected big chunk of cap likely going to Tua Tagovailoa, it is possible that Miami lets one of them play on their option year and extend him the following year.

Holland is a key to all of this. Miami won't be able to afford new deals for all three but without having a safety net with Holland outside of the franchise tag, Miami's options may be limited.

The Dolphins have not yet officially picked up the 5th years but Chris Grier told media that will happen. May 2nd is the final day for teams to pick up that option.