Dolphins Among Betting Favorites if Cook or Henry Ends with a New Team

Dalvin Cook and Derrick Henry are two elite running backs who could be on the move this offseason and would help the Dolphins offense

The Miami Dolphins are viewed as the front-runners to land talented tailback Dalvin Cook for the 2023 season, according to Bookies.com, a gambling website.

Considering the Minnesota Vikings are actively shopping Cook, a Miami Central standout who lives and trains in South Florida during the offseason, and there are reports that he might be released before next week's NFL draft, proposing a marriage between the Dolphins and Cook makes some sense.

Bookies.com makes Miami a +250 favorite, with the Vikings at +300. They list the Philadelphia Eagles at +450, the Arizona Cardinals at +600, the New England Patriots at +750, Chicago Bears at +1,000 and put the rest of the field at +700.

So it's basically the Dolphins, Minnesota, the team that presently holds his rights, and the other tailback needy teams in the NFL?

According to BetOnline, another gambling site that has various NFL odds, the Dolphins, Buffalo Bills and Denver Broncos all have 4-to-1 odds that they'll be Cook's next team, if he's not in Minnesota. The Philadelphia Eagles have 3-to-1 odds.

The Dolphins also have 4-to-1 odds for landing Derrick Henry, who also is reportedly being shopped. The only team with better odds for Henry are the Bills, who have 3-to-1 odds.

DOLPHINS ALREADY EXPLORED IDEA OF TRADE FOR COOK OR HENRY

The Dolphins had exploratory conversations with the Minnesota Vikings about Cook and the Tennessee Titans about acquiring Henry. But those talks took place before they re-signed Raheem Mostert and Jeff Wilson Jr. back in March.

Maybe those conversations are still ongoing, and heat up during draft week if Miami's level of interest in both front-line backs still exists. 

But making an addition like this only makes sense at the right price, and we're referring to assets Miami would give up in a trade (say players and picks), and contracts both backs likely would require from their next team.

Make no mistake, this is about getting a new deal, one that potentially features more guaranteed money, for both tailbacks.

Cook is scheduled to make $11 million this season when his workout and roster bonuses are factored in, and $2 million of that already is guaranteed by the Vikings.

Next season the 27-year-old is on the books for $12.5 million, and creates a similar savings if he's released.

Henry could make $11 million this season if all his bonuses are triggered. The final two years of the four-year, $50 million contract he signed in 2020 already have been voided.

The Dolphins would have to decide if they'd be willing to commit $6-10 million a season for a year or two to Cook or Henry before they try to hammer out a trade that potentially packages Miami's 2023 third-round pick.

But if one of these Pro Bowl tailbacks is released, then it's merely a conversation about financial compensation.

How much is Miami willing to spend on a former Pro Bowl tailback?

Miami, which has $187 million in salary cap committed to eight players in 2024, would need to rework some contracts to make immediate room for a top-shelf back like Cook or Henry.

Getting defensive lineman Christian Wilkins or center Connor Williams to agree to a contract extension would create that immediate cap space, but both players are likely seeking contracts that pay them as if they are top 10 players at their position.

Unloading receiver Cedric Wilson Jr.'s contract, which is for $7 million, $5 million of which is guaranteed, would create immediate space. But the Dolphins likely would have to sweeten any deal to ship Wilson away by agreeing to cover some of his 2023 salary, much like they did in the Ryan Tannehill deal back in 2019, or packaging a lower-round draft pick in a salary dump of the sparingly used receiver.

The Dolphins also will gain some cap relief when Byron Jones' contract clears the books June 1. That impending release will clear $13.6 million in cap room, but Miami would need the cap space before June 1 to make a draft-week deal for one of these top-shelf tailbacks work.