With money left to spend and some holes left to fill, it's safe to say that Jeff Ireland hasn't quite finished his preseason spending.
The team has seen some younger talent come and some reliable veterans go, all in the effort to finally putting a winning product on the gridiron.
It's still too early to give the 'Phins a final rating on their free agency moves, but it's never too early to take a look at some of the best and worst decisions they've made so far this offseason.
Ryan Tannehill had a relatively good first season in Miami when you consider his surrounding cast.
Brian Hartline received a handsome pay day prior to the start of free agency, coming off of his first career 1,000-yard season.
It comes as no surprise though that the first move Jeff Ireland made once the free agent market opened was the signing of Mike Wallace.
Wallace's keen ability to beat teams with the deep ball gives opposing coordinators no choice but to alter their game plan, opening up the playing field for the rest of Miami's offensive attack.
Gibson is a versatile receiver with excellent hands who made a fine impression on Jeff Fisher before his departure this offseason, according to Omar Kelly of the Sun-Sentinel.
Jeff Fisher said new Dolphins WR Brandon Gibson is a "very precise route runner." He pointed out Gibson consistently made tough catches.— Omar Kelly (@OmarKelly) March 20, 2013
Factor in Davone Bess who will work primarily out of the slot, and suddenly the Dolphins have some serious weapons to turn to through the air.
Bush was clearly the team’s only real offensive threat in 2012, falling just shy of recording back-to-back 1,000-yard seasons.
He emerged as a team leader during his two-year tenure, and asserted the fact that he can handle the majority of the work load as a feature back in the NFL.
Bush is only guaranteed $5 million of that contract, with a base salary of just $1 million in 2013.
Jeff Ireland must have a lot of faith in Lamar Miller and Daniel Thomas if he wasn't willing to bring back Bush at such a reasonable rate.
Just imagine how electric the combination of Bush and Miller could have been in Miami, especially while playing alongside their talented new receiving corps.
Sure Miller looked impressive in his limited carries as a rookie, but it’s hard to enter a season with your depth chart featuring an unproven sophomore starter and an injury prone backup.
Unfortunately, their age and cap liability was enough for Jeff Ireland to release them both early on in free agency and head in a younger direction.
Ellerbe had been living in the shadow of Ray Lewis up until last season, when his number was finally called after an early season injury to the future Hall of Famer.
Evidently, the Dolphins liked what they saw as Ellerbe became one of their first major signings once free agency kicked off.
They liked what they saw back then and after a solid year racking up 109 tackles for Oakland, the 'Phins finally made their move on the 28-year-old linebacker.
This duo should anchor a solid linebacking corps over the next few seasons while providing a bit more speed and excitement along the way.
Cameron Wake is a game changer on the defensive line, a sack-artist with a knack for wreaking havoc in the backfield.
Unfortunately, he cannot be expected to be the only means of pressure for the Dolphins' front four.
This is why the failed signing of Michael Bennett is one of the few blemishes of the 'Phins' offseason thus far.
Bennett seemed like a no-brainer to fill the void in Miami after posting nine sacks last season in Tampa Bay.
Unfortunately, the Dolphins watched him sign a one-year contract with the Seattle Seahawks worth $5 million—a small price to pay for one of the best available options on this year's market.
Jeff Ireland has had success playing hardball and getting guys to sign at his price, but he might look back at Bennett and regret not coughing up a little cash.
First and foremost, you've given Ryan Tannehill and coordinator Mike Sherman another quality target to utilize in the passing game.
As if that wasn't enough, you've also taken away one of your division rivals most coveted weapons while successfully upgrading your own depth chart.
For the one-year contract that he agreed upon as a means to simply prove himself, you couldn't have asked for much more from the signing of Keller.
Barring a signing of Brent Grimes or another veteran corner however, there remains a gaping hole at cornerback with Richard Marshall and Dimitri Patterson currently slotted to start.
The market is dwindling when it comes to top talent, meaning the team may have no choice but to turn to the draft to address their glaring need.
It'd be unfair to jump the gun here and call it a failure with a month left until the draft, so here's to hoping Jeff Ireland brings in a veteran corner to play alongside Marshall and the rookies.