The Dolphins will receive a 2018 fourth-round pick and 2019 seventh-round pick from the Browns, per The MMQB's Albert Breer.
Adam Schefter of ESPN first reported the details of the deal, which came after the Fins used the franchise tag on the wideout in February. Schefter noted the Browns are already working toward signing their latest acquisition to a new contract, and it's "expected to get done."
Ian Rapoport of the NFL Network provided some analysis of the swap:
According to Rapoport, the Browns will take on Landry's one-year, $16 million contract and an extension is not part of the current deal, though it is possible the sides will agree to a long-term contract.
Here's some other reaction, including comments from Landry:
Landry has established himself as one of the most productive receivers in the NFL since the Dolphins selected him in the second round of the 2014 draft.
He's racked up 400 catches for 4,038 yards and 22 touchdowns while appearing in all 64 regular-season games over his first four campaigns.
The 25-year-old LSU product is coming off a year in which he caught 112 passes for 987 yards and nine scores. His reception total led the league—three ahead of the Arizona Cardinals' Larry Fitzgerald. His 466 yards after the catch checked in as the 12th-highest total, according to ESPN.
Pro Football Focus graded him as the No. 19 receiver for the 2017 campaign.
His success has yielded ample confidence over the years. In October 2016, Mike Florio of Pro Football Talk passed along comments the wideout made on PFT Live about being the best at the position:
"I do [think I'm the best]. I think that the things you guys see on Sunday is just a testament to the hard work that I put in on the offseason and also during the week. To have the opportunity to just even be mentioned alongside some of the guys that play in this game that I truly respect says a lot, but I do feel like I'm the best receiver in the NFL."
The Dolphins are left with a void that will be difficult to fill. Landry may not be a prototypical No. 1 receiver since he usually operates from the slot rather than on the outside, but his numbers have been right there among the league's elite over the past two years.
His overall role should remain similar moving forward. Expect him to receive most of his snaps in the slot within the Browns' scheme. Josh Gordon and Corey Coleman figure to draw the starting assignments on the outside for Cleveland.