In exchange, the Dolphins are receiving the Broncos' 2026 first-round pick (30th overall), as well as their 2026 third-round pick and a 2026 fourth-round pick.
Waddle, 27, carries a cap hit of just over $4.9 million this upcoming season with a $1.2 million base salary before both of those numbers skyrocket in 2027, when his cap hit will be $27 million with a $23.39 million base salary.
The former sixth-overall pick of the 2021 NFL Draft has spent the first five years of his career with the Dolphins, putting up three-straight 1,000-yard seasons to start his career. After coming off the worst year of his career in 2024, Waddle bounced back in 2025, putting up 910 receiving yards and six touchdowns on 64 receptions through 16 games.
Miami finished the 2025 season with a 7-10 record - the worst since Waddle was drafted by the team. Now, he'll be joining a Broncos squad that made it to the AFC Championship this past season with a passing offense that ranked 11th in yards per game (223.9).
Waddle will be lining up opposite two-time Pro Bowler Courtland Sutton, who is coming off back-to-back 1,000-yard seasons with at least seven touchdowns in each, along with the young two-year standout Troy Franklin, who is coming off a 709-6 season.
