Should Dolphins Sign Waddle to $20 Million-a-Year Extension Now?

Jaylen Waddle celebrated Devonta Smith's extension, which could set the price point for the Miami Dolphins receiver as his fifth-year option trigger date approaches

NFL teams are cutting Jaylen Waddle’s fellow Alabama wide receivers big checks, and the Miami Dolphins standout must be wondering when his time will come.

Earlier this offseason Jerry Jeudy got traded from the Denver Broncos to the Cleveland Browns and then signed a three-year extension that will pay him $52.5 million, and guarantees the No. 15 pick in the 2020 NFL draft $41 million.

And on Monday the Philadelphia Eagles picked up Devonta Smith’s fifth-year option and signed the wideout to a new three-year contract extension that will keep him in Philadelphia through the 2028 season.

Smith's three-year extension is worth $75 million and includes $51 million guaranteed, per reports. If accurate, that would give him the eighth-highest contract for a wide receiver in terms of total value.

Considering the Dolphins have until May 2 to trigger Waddle’s fifth-year option, and the goal of every NFL player and his agent is to land a multi-year deal instead of playing on the fifth-year option — which for Waddle would be worth $15.6 million for the 2025 season — it will be telling to see if both sides can come to a mutually beneficial agreement.

It’s usually better to sign a young player who is trending up, like Waddle, who became the first Dolphins receiver to post three straight 1,000-yard receiving seasons, earlier than try to do it in the final season of his rookie deal because if they hit free agency it could become a costly bidding war.

DOLPHINS NEED TO GET AHEAD OF DEALS

That’s how the Dolphins lost Christian Wilkins (Raiders), Robert Hunt (Panthers), Raekwon Davis (Colts), Andrew Van Ginkel (Vikings) and Brandon Jones (Broncos) this offseason when other teams bid substantially higher for Miami’s draftees than the price point Miami was willing to go.

Miami can’t afford to face a similar exodus of talent with Waddle and Jaelan Phillips, the team’s two first-round picks in the 2021 NFL draft, and safety Jevon Holland, a second-rounder in that draft class.

The fifth-year option buys Miami a season with Waddle and Phillips, a pass rusher who would cost the team $14.6 million for the 2025 season if triggered, unless a multi-year deal gets done. 

Holland, who is scheduled to earn $3.3 million in 2024, is entering the final year of his rookie contract, which means his expiring contract is the most pressing.

But if the Dolphins wanted to seize on the momentum of Waddle trying to keep up with his fellow Crimson Tide teammates, the time is now.

HOW DOES WADDLE COMPARE TO PEERS?

Waddle and Smith have comparable statistics: Waddle has caught 11 more passes (251) and produced 207 more receiving yards (3,385) and both have spent the past three seasons serving as their offense’s No. 2 receiver since Tyreek Hill is the receiver put opposite Waddle, and A.J Brown plays on the other side of Smith.

When Smith’s fifth-year option ($15.6 million) is factored in, his four-year deal is worth roughly $90.6 million. That averages out to $22.6 million per season. 

Jeudy will average $16.3 million a season when his fifth-year option ($12.9 million) is factored into his four-year deal.

Waddle will make $27.1 million over the first four years of the deal he signed as the sixth overall pick in 2021, so a salary that puts him in the $20 million-a-season stratosphere, where he’ll join 18 other NFL receivers, likely gets the deal done.

But don't be surprised if more receivers get added to the $20 million-a-season list because Minnesota's Justin Jefferson, Cincinnati's Ja'Marr Chase and Tee Higgins and Dallas' CeeDee Lamb are all seeking multi-year extensions that will replace their rookie deal, fifth-year option season or the franchise tag.