Buffalo's offer is a five-year, $38 million dollar contract with in excess of $20 million guaranteed, Carucci reports. Mike Garafolo of FOX Sports confirmed those details, as did several other reporters.
Miami placed the transition tag on Clay, making him a restricted free agent. The Dolphins have five days to match Buffalo's offer.
The NFL Network's Ian Rapoport notes that the structure of contract, with $24.5 million due to Clay in the first two years, is designed to push the limits of Miami's salary cap.
Clay, 26, caught 58 passes for 605 yards and three touchdowns in 2014.
- Dan Gartland