The Denver Broncos already paid a significant price to acquire stud wide receiver Jaylen Waddle from the Miami Dolphins. The cost to acquire him in NFL Draft capital, however, may have just been the tip of the iceberg.
Speaking to Pro Football Talk at the NFL owners meetings in Arizona, new Miami Dolphins general manager Jon-Eric Sullivan gave some very transparent responses when addressing the major moves his team has made already this offseason. And that is a long list, which also includes taking on a larger dead cap hit for Tua Tagovailoa than even the Broncos had to deal with when they cut Russell Wilson.
One of the things he revealed that hasn't been discussed a ton in Broncos Country just yet is Jaylen Waddle's contract situation. And that could be an expensive new wrinkle for the Broncos.
Dolphins GM Jon-Eric Sullivan hints at expensive contract coming for Broncos after Jaylen Waddle trade
The full interview with Sullivan is a good listen with some refreshing honesty and insight into major moves he had to make this offseason, but here's what he had to say about trading Waddle to Denver:
"Jaylen's 27 years old, he's going to want a new contract. Receiver market's not going down, it's going up. And by the time we hit our stride, I didn't know if that made a lot of sense for us."
- Dolphins GM Jon-Eric Sullivan (via PFT)
The comment Sullivan makes here about Waddle wanting a new contract is a fascinating one. What exactly does he mean by that? He's going to want a new contract when, exactly?
It's likely that the Broncos will give it a season, at least, before approaching those talks with a player like Waddle, especially after the Russell Wilson debacle. Every situation has to be viewed independently, but given the way things went down with Wilson, the Broncos might be wise to just give this one some time.
Next offseason could be the perfect time to approach those talks with Waddle. His cap hit this year is already just under $4.9 million, but it jumps up over $27 million next offseason. The Broncos could add a ton of cap space next offseason by extending Waddle, who will be 28 years old at this time a year from now.
If they can get something done in a year, it will give them a lot more flexibility to make moves in 2027 and 2028, while solidifying Waddle as a core piece of the roster alongside franchise quarterback Bo Nix. Waddle is currently under contract through the 2028 season. As the salary cap continues to rise, Sullivan is right: The price for top-tier receivers isn't going anywhere.
And at the age of 27 going on 28 this year, Waddle is likely to cash in as a true top-tier player at least once more. And that would obviously be in Denver, assuming all goes well.