Miami will receive Denver’s No. 30 overall pick, plus third- and fourth-rounders, with Waddle and a fourth heading to Denver.

The move addresses a major need for Sean Payton's Broncos.

While the defense ranked among the NFL's elite and almost propelled Denver to the Super Bowl, the offense fell short far too often, even before Jarrett Stidham took over in the Conference Championship game.

Waddle's 2025 stats don't jump off the page. 64 receptions for 910 yards and six touchdowns is moderate production for most receivers, but those numbers fall short of the three 70+ and 1,000-yard marks he set earlier in his career.

The caveat to Waddle's dip, of course, was Miami's offense as a whole. The unit never really found its flow last season, and almost every player, save for running back De'Von Achane, suffered.

The change of scenery could see Waddle rediscover his early form - and just as importantly, give Bo Nix and the Broncos the kind of weapon they need to build on their 23.6 points per game last season.

Following this trade, more than half of the Dolphins’ $301.2M cap is committed to players who are gone - big names like Tua Tagovailoa, Tyreek Hill and Waddle among them.

Although cap-strapped, what Miami does have is draft capital. Eleven picks in 2026, with two in the first round and four in the third, give them a lot to work with.

It’s a clear pivot for both. Miami builds through the draft, while Denver adds speed and threat on the outside to boost their championship hopes. Different approaches, both understandable.