Dolphins reportedly extend Jaylen Waddle, making him one of highest-paid WRs

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The Miami Dolphins are keeping one of the game's top young receivers in South Florida for the foreseeable future.

Jaylen Waddle and the Dolphins have agreed to a three-year, $84.75 million extension with $76 million guaranteed, ESPN reported Thursday. The $28.25 million average annual value is the fourth-highest among NFL receivers while the guaranteed money is the third-highest at the position, according to OverTheCap.com. 

The 25-year-old Waddle has consistently produced since Miami selected him with the sixth overall pick in the 2021 NFL Draft. Reunited with Alabama teammate Tua Tagovailoa, Waddle set a rookie record for most receptions, recording 104 grabs for 1,015 yards and six touchdowns that season. Rams WR Puka Nacua broke Waddle's rookie record last season with 105 catches.

Waddle reached a higher level of play in 2022, when the team acquired Tyreek Hill to form one of the game's best receiver duos. Waddle had 75 receptions for 1,356 yards and eight touchdowns, leading the league in yards per reception that season (18.1). His numbers took a bit of a dip in 2023 as he battled multiple injuries, recording 72 receptions for 1,014 yards and four touchdowns.

Miami picked up Waddle's fifth-year option earlier this offseason, originally keeping him under contract through the end of the 2025 season. However, several of the game's top receivers, such as Justin Jefferson and Ja'Marr Chase, are also seeking contract extensions, which might have cost the Dolphins even more to extend Waddle if they had opted to wait. 

Waddle and Hill now rank as the most expensive receiver duo in the league. The Dolphins gave Hill a four-year, $120 million deal when they acquired him from Kansas City in 2022, giving up a first-round pick, a second-round pick, two fourth-round picks and a sixth-round pick in the process.  

Waddle's emergence alongside Hill has helped Tagovailoa become one of the game's top passers, at least statistically. The lefty led the NFL in passer rating in 2022 (105.5) before leading the league in passing yards in 2023 (4,624), helping Miami reach the postseason both years.

Now, the team's attention shifts to keeping Tagovailoa in Miami long-term. He's entering the final year of his rookie contract and has been negotiating an extension this offseason. While Tagovailoa has reportedly turned down an offer, he's been present at the team's OTAs, a possible indication that the two sides are in a good spot ahead of the 2024 season.