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The $165 million dead cap hit the Dolphins holds in 2026 after Jaylen Waddle trade
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- The $165 million dead cap hit the Dolphins holds in 2026 after Jaylen Waddle trade
The $165 million dead cap hit the Dolphins holds in 2026 after Jaylen Waddle trade appeared first on ClutchPoints . Add ClutchPoints as a Preferred Source by clicking here .
The Dolphins are facing a historic financial crisis following the blockbuster trade of Jaylen Waddle , resulting in a staggering $165 million dead cap hit for the 2026 season.
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This fiscal nightmare coincides with the Denver Broncos ' surprising acquisition of the star wide receiver.
Denver secured Waddle along with a fourth-round pick in exchange for their 2026 first-round selection (No. 30 overall), as well as late third and fourth-round picks.
While this move provides Denver with a premier weapon for quarterback Bo Nix , it has left Miami 's front office in an unprecedented cap bind.
According to Ari Meirov on X, more than $165 million of Miami's total cap of $301.2 million is now allocated to players no longer on the roster.
This "dead money" includes former key players like Tua Tagovailoa , Tyreek Hill , Jalen Ramsey , and Minkah Fitzpatrick , in addition to Waddle.
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With over half of their available spending power tied up in departed talent, the Dolphins are essentially operating with a depleted roster while still paying for the remnants of their past championship aspirations.
Despite this financial strain, Miami has decided to take a high-risk gamble at the quarterback position.
The team recently signed Malik Willis to a three-year, $67.5 million contract during the 2026 free agency period.
Willis, who previously played for the Titans and Packers , earned this lucrative deal primarily through two standout performances late in the 2025 season, where he showcased his dual-threat potential by accumulating 288 passing yards and 104 rushing yards against Baltimore .
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While the signing of Willis offers a glimmer of athletic upside, it remains uncertain if he can lead a rebuilding franchise that is currently buried under a mountain of dead cap following the Waddle trade.
Related: Jaylen Waddle trade grades for Broncos, Dolphins blockbuster
Related: Dolphins' 3 best options with No. 30 pick in 2026 NFL Draft after Jaylen Waddle trade
