The Denver Broncos are trading for Miami Dolphins wide receiver Jaylen Waddle in exchange for first-, third- and fourth-round picks in this year’s draft, a source told ESPN’s Adam Schefter on Tuesday.
The Broncos will also receive a fourth-round pick in return from the Dolphins. The picks heading to Miami include No. 30 overall as well as the 30th selection in each of the third and fourth round.
Denver made the move for Waddle, 27, after losing in the AFC Championship Game this past season. He caught 64 passes for 910 yards and six touchdowns last season and is due $41.2 million in cash over the next two seasons.
The Broncos will be on the hook for approximately $5 million of his $15.416 guaranteed salary for 2026, a source told ESPN’s Jeremy Fowler. Miami already had paid much of his 2026 guarantee, but Denver can always rework his deal, which goes through 2028.
Though Waddle had a 1,356-yard season in his second campaign as a pro, he has yet to post a second season remotely close, in part because of a steady run of injuries.
Waddle became Miami’s top wideout by default when Tyreek Hill was hurt in September, and though he averaged just under 81 receiving yards per game over the next six weeks, that figure fell to just 40 receiving yards per game over the ensuing six, with a rib injury keeping the 5-foot-10 wideout out of the season-ending loss to the Patriots.
Waddle will join a Broncos receiving corps that includes Courtland Sutton, Pat Bryant, Troy Franklin, Marvin Mims Jr., Lil’Jordan Humphrey and Michael Bandy.
The Dolphins, at Nos. 11 and 30, are now one of five teams that have two picks in the first round of this year’s draft, joining the Jets (Nos. 2, 16), Browns (6, 24), Chiefs (9, 29) and Cowboys (12, 20). Overall, Miami currently has 11 selections in next month’s draft.
Tutu Atwell is atop the Dolphins’ depth chart at the position, and is joined in the receiving room by Jalen Tolbert, Terrace Marshall Jr., Malik Washington, Tahj Washington, Theo Wease Jr. and AJ Henning.
ESPN’s Bill Barnwell contributed to this report.
