Miami's Sun Life Stadium was built in 1987, so while the stadium isn't old enough to warrant replacement, the Dolphins have decided to make some upgrades, laying out its plans in a video on its website.
Dolphins owner Stephen Ross will pay $350 million to finance the renovations, which are expected to be completed by the start of the 2016 season. Ross will recoup some of that money in the form of payouts from Miami-Dade county, according to the Sun-Sentinel.
The deal commits Miami-Dade to use tourist development money to pay the Dolphins $4 million for each Super Bowl hosted at Sun Life, and $3 million for a college football national championship game. A college playoff game, which Sun Life is slated to host every three years under the new playoff system, would bring $2 million.
Smaller sporting events generating 55,000 ticket sales, such as an international soccer match, would be worth $750,000, though the payout would be limited to $1.5 million in a year.
If the stadium were to host a World Cup soccer final, the payment would be $4 million, with a non-final match worth $3 million.
Miami has not hosted a Super Bowl since Super Bowl XLIV in 2010, and lost out to San Francisco in bidding for Super Bowl 50. The next game up for grabs is Super Bowl LIII in February 2019.