Breaking Down Waddle's Contract Extension

Speedy Miami Dolphins wide receiver Jaylen Waddle agreed to a deal that could keep him in Miami through the 2028 season

Miami Dolphins wide receiver Jaylen Waddle (17) enters the field during pregame ceremonies during an NFL game against the Las Vegas Raiders at Hard Rock Stadium in Miami Gardens, Nov. 19, 2023. / Jim Rassol / USA TODAY NETWORK

Jaylen Waddle's extension with the Miami Dolphins was reported as a three-year contract extension that will keep him with the team through the 2028 season.

As always, though, there are nuances that need to be examined.

And we can start with the fact that the extension kicks in after Waddle completes his rookie deal, including the fifth-year option the Dolphins exercised a month ago, so the reported $84.75 million extension and $28 million annual average that puts him in the top five among NFL receivers also could be viewed through the lens of the next five years.

And in that context, Waddle now is under contract for the next five years at a total cost of around $104 million.

Looking strictly at the extension, the $28 million average would put Waddle fourth among NFL wide receivers behind only A.J. Brown, Amon-Ra St. Brown and teammate Tyreek Hill, though Hill's contract includes a void year that makes his real average $25 million and not $30 million.

Waddle's cap number for 2024 increased, but ever so slightly, from $8.6 million to $9.1 million. It will jump to $19.9 million in 2025, according to overthecap.com.

Waddle's salary for 2025 remains guaranteed since the fifth-year option is still in place and his 2026 salary is guaranteed against injury, with his $16.6 million becoming fully guaranteed on the third day of the 2025 league year, per Pro Football Talk.

Likewise, Waddle's 2027 base salary of $23.39 million was guaranteed for injury at signing; $15.2 million of that amount becomes fully guaranteed in March 2026; and the remainder becomes fully guaranteed in March 2027. And on the third day of the 2027 league year, the final year of Waddle's contract and his $25.8 million contract becomes fully guaranteed.

Waddle's contract includes a $100,000 workout bonus every year from 2025-28, and roster bonuses in the final three years.

Waddle become the first Dolphins player to sign a multi-year extension since Austin Jackson got a three-year extension last December.

Other Dolphins offensive players who have gotten multi-year extensions since 2022 include wide receiver Tyreek Hill, fullback Alec Ingold and tight end Durham Smythe.

Waddle's extension obviously might not be the last we see in 2024, and we don't have to mention who could be next.

RELATED CONTENT

-- Dolphins Give Waddle a Massive Extension

-- After Waddle Extension, What About Tyreek's Contract?

-- Waddle's Top 10 Plays

-- How Waddle Earned His Extension