Why the Dolphins paid Jaylen Waddle (almost) as much as Tyreek Hill

The Miami Dolphins confirmed what we already knew when they extended receiver Jaylen Waddle to a deal worth up to $84.75 million over three years on Thursday. He'll earn just a hair short of what Tyreek Hill is set to make, with Hill's contract exceeding Waddle's deal by $750,000 per year in average annual value.

There is no WR2 in the Dolphins offense.

Tyreek is WR1a. Just barely, Waddle is WR1b.

Over the past two seasons, Waddle averaged 2.73 yards per route run. That's fourth among NFL receivers, with Hill ranking No. 1 at 3.64. Yes, Miami's offense elevates Waddle, with coach Mike McDaniel developing a unique and prolific system. But scheme can only go so far. It's clear that Waddle is among the best receivers in the NFL, even if he's not the best receiver on his own team.

And that's reminiscent of what the Indianapolis Colts once looked like. Reggie Wayne played alongside Marvin Harrison for years — even if Wayne established early that he could be any other team's WR1. Eventually, Harrison retired and Wayne got his chance to shine. It went well — to say the least. Given that Hill, 30, has discussed an early retirement, the Dolphins are smart to secure their future at the position with the 25-year-old Waddle.

Of course, Waddle's contract might not have been the Dolphins' top priority heading into this offseason. That was likely quarterback Tua Tagovailoa's deal.

By paying Waddle first, there might be a few complications. First, the money the Dolphins used for Waddle is money they can't use for their QB. Second, the Dolphins now have the most expensive WR tandem in the NFL, a signal that Tua isn't exactly doing the heavy lifting in this offense. His receivers are. It all creates leverage for the Dolphins, who can say to Tua: Look how good your weapons are! (With the tacit implication being: Are you only as good as your weapons?)

The other impending uncertainty for the Dolphins will be the offensive line. Miami has struggled to get reliable play out of its guards in recent years. And while left tackle Terron Armstead is one of the top performers at his position, he has not played more than 13 games in any of the past three seasons. In 2023, he played 10 games and appeared on the injury report for 13 of 17 weeks (excluding the bye). There's always a trade-off. While Miami's receiver position is now as secure as it gets, GM Chris Grier made his life more difficult in piecing together a competent offensive line.

To alleviate the concerns around the offensive line, Waddle and Hill, with their quick separation skills, will have to shorten Tua's time to throw, which was first in the NFL last year (2.36 seconds). The idea is that even a replacement-level guard can hold up for at least 2.36 seconds. It should help, too, that Tagovailoa is shedding weight in order to move more nimbly in the pocket — perhaps giving him more ability to extend the play for fractions of a second.

It's more of the same for the Dolphins, with slight alterations here and there. Receiver Odell Beckham Jr., for example, is one of those alterations. You could make the case that Beckham, who signed with Miami this offseason, is the best WR3 in the NFL. And that Waddle is the best WR2. And that Hill is the best WR1.

The Dolphins are running their offense — and, really, their entire team — through their receivers. That's why Waddle is set to make nearly as much money as any other wideout in the NFL. Miami will live or die with Hill, Waddle and Beckham. That's what the money plainly tells us.

Prior to joining FOX Sports as the AFC East reporter, Henry McKenna spent seven years covering the Patriots for USA TODAY Sports Media Group and Boston Globe Media. Follow him on Twitter at @henrycmckenna.