Clay would earn $7.071 million next season under the tag, which allows the Dolphins to match any free agent offer the tight end receives. If the team decides not to match an offer and Clay signs elsewhere, it would not receive compensation.
A former sixth round pick by Miami in 2011, Clay has spent four seasons with the Dolphins. Last season, the 26-year-old caught 58 passes for 605 yards and three touchdowns. He dealt with hamstring and knee injuries in the second half of the season.
In 2013, Clay recorded career highs in receptions (69), yards (759) and touchdowns (six).
The Dolphins finished 8-8 last season, coming in third in the AFC East.
- Molly Geary