Report: Dolphins sending Waddle to Broncos for 1st-round pick

The Miami Dolphins are trading wide receiver Jaylen Waddle to the Denver Broncos, a source told ESPN's Adam Schefter.

The Broncos are reportedly sending a first-, third-, and fourth-round pick in this year's draft for Waddle and a fourth-round selection.

Miami weighed trading Waddle before last season's trade deadline, discussing the star wide receiver with the Broncos and Buffalo Bills but ultimately electing to hold on to him, Schefter notes. However, with new general manager Jon-Eric Sullivan running the Dolphins, the team decided to re-open trade talks for Waddle.

Waddle gives Bo Nix and the Broncos' offense a dynamic receiving option to pair alongside Courtland Sutton. Waddle averaged 14.2 yards per reception last season with 910 yards on 64 grabs. The 27-year-old began his career with three consecutive 1,000-yard seasons, but his production began to decrease as Dolphins quarterback Tua Tagovailoa struggled with injuries and declining play.

Waddle's most productive campaign came in 2022. He put up a career-high 1,356 yards and eight touchdowns while averaging a league-leading 18.1 yards per catch.

The Broncos will owe Waddle about $5 million of his $15.416 million in guaranteed salary this year, a source told ESPN's Jeremy Fowler. Waddle is under contract through 2028.

The Dolphins have been cleaning house this offseason, racking up over $175 million in dead money, per Schefter. Miami already released Tagovailoa, wide receiver Tyreek Hill, and pass-rusher Bradley Chubb and traded defensive back Minkah Fitzpatrick to the Jets.

Miami's depth chart at wide receiver is now headlined by Jalen Tolbert, Tutu Atwell, and Malik Washington, among others. The team signed former Green Bay Packers quarterback Malik Willis to a three-year, $67.5-million deal in free agency to be its starter.

Miami owns 11 picks in this year's NFL draft, including seven in the first three rounds.

Denver's offseason had been quiet before trading for Waddle. In free agency, the Broncos only re-signed their own players, including running back J.K Dobbins and linebacker Alex Singleton.

The Broncos finished with the No. 1 seed in the AFC last season after going 14-3. They got bounced in the conference championship game by the New England Patriots, although Denver was missing Nix due to injury.