Broncos' Super Bowl Odds Jump After Reported Jaylen Waddle Trade With Dolphins

Star receiver Jaylen Waddle is heading West this offseason, as the Denver Broncos reportedly traded a first-round pick (and more) to the Miami Dolphins in exchange for the former top-10 pick.

ESPN's Adam Schefter reported that Denver will send a first, third and fourth rounder to the Dolphins in exhange for Waddle and Miami's fourth-round selection in the 2026 NFL Draft.

Broncos are trading for Miami WR Jaylen Waddle, per source.

Denver receives: Waddle and Dolphins’ 4th-round pick (11th in round) in this year’s draft.

Miami receives: Broncos’ 1st round pick (30th overall) along with their late 3rd and 4th round picks (30th in each round) in…
— Adam Schefter (@AdamSchefter) March 17, 2026

The move is a big one for Bo Nix and the Bronocs, who made the AFC title game in the 2025 season after finishing with the No. 1 seed in the conference. Nix was injured in the divisional round against the Buffalo Bills, and it cost Denver a real shot at the Super Bowl, as Jarrett Stidham was forced to play in the AFC Championship Game against New England.

Oddsmakers have set the Broncos as a fringe contender to win the Super Bowl in the 2026 season, setting them at +1900 to +2200 to win the Super Bowl depending upon the sportsbook. However, the trade for Waddle moved Denver up to +1900 to win the Super Bowl at FanDuel, good for the 12th-best odds in the league.

The Broncos still have worse odds than the Kansas City Chiefs (+1700) and Los Angeles Chargers (+1500) this offseason, a sign that oddsmakers expect them to fall from first to third in the AFC West in the 2026 campaign.

Waddle fills an immediate need for Denver, as it lacked a true No. 2 receiver next to Courtland Sutton. Now, Waddle, Sutton, Pat Bryant, Troy Franklin and Marvin Mims Jr. form one of the deeper receiver rooms in the NFL.

Last season, Waddle had 64 catches for 910 yards and six scores for Miami. He's failed to reach 1,000 yards in back-to-back seasons after opening his career with three 1,000-yard seasons in a row. The 27-year-old has a chance to revive his career in Sean Payton's offense, as Denver throws the ball a ton and ranked 10th in EPA/Pass in the 2025 season.

Odds refresh periodically and are subject to change.

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