Jaylen Waddle Traded to Broncos from Dolphins, Updated Rosters, Draft Picks, Salary Cap

The Denver Broncos added another top target for Bo Nix ahead of the 2026 NFL season, acquiring wide receiver Jaylen Waddle from the Miami Dolphins.

Denver sent the Dolphins a first-round pick and third-round selection, in addition to a fourth-round pick swap.

Waddle is set to cost $11.7 million against the cap in 2026, per Spotrac. That hit is set to rise to $33.8 million in 2027.

The Dolphins had $13.78 million in 2026 cap space prior to the move, while the Broncos had $22.62 million, per Spotrac.

The trade puts the Dolphins on track to have the most dead cap money in the NFL next season.

Trading Waddle before June 1 leaves the Dolphins with $23.2 million in dead cap, representing $11.6 million in lost cap space, per Over the Cap.

The Dolphins have already committed to more than $129 million in dead cap hits from just five contracts, including those for quarterback Tua Tagovailoa and wide receiver Tyreek Hill.

Miami accepted those cap restrictions in order to acquire more draft capital ahead of the franchise's upcoming rebuild.

The Dolphins now join the New York Jets, Cleveland Browns, Kansas City Chiefs and Dallas Cowboys as teams with multiple 2026 first-round picks.

Miami will have 11 total picks in the 2026 draft following the trade, while the Broncos will be left with seven, per Tankathon.

The Broncos now go into the 2026 season with Sutton and Waddle sharing the majority of targets from Nix.

The Dolphins will meanwhile brace for thinned wide receiver depth after the trade, which leaves Malik Washington and Tutu Atwell on top of the depth chart, per ESPN.

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Broncos' Projected WR Depth Chart

WR: Courtland Sutton, Pat Bryant, Michael Bandy

WR: Jaylen Waddle, Marvin Mims Jr.

WR: Troy Franklin, Lil'Jordan Humphrey

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Dolphins' Projected WR Depth Chart

WR: Malik Washington, Theo Wease Jr., AJ Henning

WR: Jalen Tolbert, Tajh Washington

WR: Tutu Atwell, Terrace Marshall Jr.

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The Dolphins could potentially look to use one of the franchise's first-round picks to add another wide receiver during the April draft.

The latest B/R mock draft projects that options including Arizona State's Jordyn Tyson, USC's Makai Lemon, Texas A&M's KC Concepcion and Indiana's Omar Cooper Jr will still be on the board when the Dolphins get on the clock at No. 11.

The Dolphins could alternatively look to trade up in order to target the draft's projected top receiver, Ohio State's Carnell Tate, in the top 10.