Report: Broncos Land Dolphins WR Jaylen Waddle in Blockbuster Trade

The Broncos pulled off a huge deal on Tuesday.

Dec 21, 2025; Miami Gardens, Florida, USA; Miami Dolphins wide receiver Jaylen Waddle (17) reacts during the second quarter against the Cincinnati Bengals at Hard Rock Stadium. Mandatory Credit: Sam Navarro-Imagn Images | Sam Navarro-Imagn Images

The Denver Broncos are acquiring wide receiver Jaylen Waddle from the Miami Dolphins in a massive trade reported on Tuesday.

According to ESPN's Adam Schefter, the Broncos are sending three draft picks — first, third- and fourth-rounders — to the Dolphins in exchange for Waddle and a fourth-round selection.

The deal has since been confirmed by local insider Mike Klis of 9NEWS.

There you go. #Broncos trade with Dolphins:

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 this year’s draft.

— MikeKlis9NEWS (@mikeklis9news) March 17, 2026

The sixth overall choice of the 2021 Draft, Waddle has developed into one of the league's most explosive wideouts, having totaled 373 receptions for 5,039 yards and 26 touchdowns across 78 career games — all in Miami.

Last season, Waddle finished under 1,000 receiving yards for the second year in a row but graded out as Pro Football Focus' No. 10 WR among 128 qualifiers, earning strong pass-catching marks. (He averaged 14.2 yards per catch and scored six times.)

Waddle is the first outside player acquired by the Broncos this offseason, after the club recently re-signed several in-house free agents, including running back J.K. Dobbins, tight end Adam Trautman, and linebackers Alex Singleton and Justin Strnad.

Dec 7, 2025; East Rutherford, New Jersey, USA; Miami Dolphins wide receiver Jaylen Waddle (17) reacts after making a catch for a touchdown against the New York Jets during the first half at MetLife Stadium. Mandatory Credit: Ed Mulholland-Imagn Images | Ed Mulholland-Imagn Images

Ramifications of Trade

First and foremost, the Broncos will absorb the remainder of Waddle's contract, an $84 million extension he inked with the Dolphins in 2024. The 27-year-old is due to count $11.628 million against the Broncos' salary cap in 2026, per OverTheCap.

ESPN's Jeremy Fowler noted, "Part of value for Broncos: Denver is on the hook for around $5M of Waddle's 2026 money, per source. Miami already had paid much of his 2026 guarantee. Denver can always rework his deal, which goes through 2028."

Personnel-wise, Waddle instantly vaults to the top of Denver's depth chart, surpassing Courtland Sutton as the likely top target for franchise quarterback Bo Nix. Sutton, assuming he's retained, will slide into a more ideal WR2 role, clearing out the middle of the field while Waddle takes the top off.

This also pushes the likes of Marvin Mims, Troy Franklin, and Pat Bryant further down the proverbial totem pole — to the extent that the Broncos may entertain trade talks for any of the three. If not, it will continue to build around the talent already baked into the process.

"We’re always trying to improve our team," head coach Sean Payton said at last month's NFL Scouting Combine. "We’ve invested, and we’ve seen good growth at receiver with guys we’ve drafted. Three of these guys, [WR] Troy [Franklin], [WR] Marvin [Mims Jr.] as well as [WR] Pat [Bryant]. So we’ll keep going.”

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