The Kansas City Chiefs traded Tyreek Hill to the Miami Dolphins on Wednesday in exchange for five draft picks, including a first-rounder in 2022.
As part of the agreement, Hill received a new four-year, $120 million contract that includes $72.2 million guaranteed, according to ESPN's Adam Schefter.
Seven NFL receivers currently average $20 million per season, per Spotrac. Davante Adams briefly held the lead with his $28 million average annual salary after signing a new deal with the Las Vegas Raiders, but Hill is now the highest-paid at the position with an AAV of $30 million.
According to Charles Robinson of Yahoo Sports, the Chiefs began considering a trade after Adams reset the market with his extension.
Hill has been among the league's best skill-position players since entering the NFL, earning Pro Bowl selections either at receiver or returner in each of his six seasons. He also has three first-team All-Pro honors in this time.
The 28-year-old finished last season with 1,239 receiving yards and nine touchdowns while ranking third in the NFL with 111 catches. He had 15 touchdowns in 2020, second-most in football, while adding 87 receptions for 1,276 yards.
The superstar has been a major reason the Chiefs have ranked no worse than sixth in points scored in any of the past five years. The squad also has one Super Bowl title and two AFC Championships in that stretch.
Trading Hill leaves a significant hole in the offense, especially after losing Demarcus Robinson and Byron Pringle to free agency this offseason. Mecole Hardman would be the only returning receiver who accrued more than 100 yards last season.
The Chiefs did sign JuJu Smith-Schuster to a one-year deal and arguably have the top tight end in the NFL in Travis Kelce, but the passing attack could take a significant hit without Hill.
Meanwhile, the Dolphins have made a move to help out their young quarterback by adding one of the top playmakers in the league. Tua Tagovailoa should immediately benefit with the addition of an elite deep threat who is known to produce big numbers after the catch.