BREAKING: Dolphins trade Jaylen Waddle to Broncos

Miami Dolphins wide receiver Jaylen Waddle is headed to the Denver Broncos, The Athletic’s Dianna Russini confirmed Tuesday, in a blockbuster swap that sends the 2021 first-round pick out of South Florida and delivers the Dolphins a trove of 2026 draft capital.

The deal, struck barely a week before the 2025 NFL Draft, ships Waddle and a 2026 fourth-round selection to Denver in exchange for the Broncos’ first-, third- and fourth-round picks in the same draft. All three choices sit at No. 30 in their respective rounds, meaning Miami effectively moved up 26 spots in the fourth while adding the 30th and 94th overall selections next year.

Waddle exits Miami with 373 receptions, 5,039 receiving yards and 26 touchdowns across five seasons. The Dolphins originally traded down from No. 3 to No. 11 in the 2021 draft, then vaulted back to No. 6 to secure the Alabama product.

The compensation represents a rare premium for a non-quarterback, giving general manager Jon-Eric Sullivan seven selections inside the top 100 over the next two drafts. With Waddle gone, Miami is expected to target a receiver early in this month’s draft. The club already added veterans Jalen Tolbert and Tutu Atwell in free agency, though neither profiles as a true No. 1 option.

Tuesday’s move amplifies speculation that the Dolphins are embracing a full-scale rebuild. Miami also finalized a one-year contract with tight end Greg Dulcich and will break in a new quarterback after parting ways with kicker Jason Sanders, the franchise’s stalwart of the past eight seasons.