Dolphins Get Clarity on Cost of Business

The figures for fifth-year options and franchise tags for 2024 are out

The Miami Dolphins have decisions to make this offseason involving some high-profile players, and now they know exactly the cost involved in some of those.

With the NFL releasing the salary cap information for 2024 on Friday, the price for fifth-year options and free agency tags (franchise or transition) also have been revealed.

FIFTH-YEAR OPTION NUMBERS FOR JAYLEN WADDLE AND JAELAN PHILLIPS

The deadline to pick up the fifth-year option on the rookie contracts of 2021 first-round picks is May 2 and there should be no suspense there with Jaylen Waddle or Jaelan Phillips.

But now the Dolphins know it will cost $15.6 million for the fifth-year option on Waddle and $14.6 million for Phillips.

There are four different levels of price for fifth-year options, starting with players selected to at least two Pro Bowls in their first three seasons, players with one Pro Bowl, players with no Pro Bowls who achieve playtime targets (75 percent of offensive or defensive snaps in two seasons or 50 percent overall in the three seasons), and lastly players with no Pro Bowls who don't achieve the playtime targets.

Waddle and Phillips each fell into the third category.

Of the Dolphins' three 2020 first-round picks, they picked up the fifth-year option only on QB Tua Tagovailoa, though they signed Austin Jackson to a contract extension before his rookie deal expire. The third 2020 first-round pick, Noah Igbinoghene, was traded to the Dallas Cowboys at the end of camp last season, played out his rookie contract and now is scheduled to become an unrestricted free agent March 13.

FRANCHISE AND TRANSITION TAG NUMBERS

The one logical candidate on whom the Dolphins would place the franchise or transition tag is defensive tackle Christian Wilkins, and it's going to cost either $22.1 million or $18.5 million.

The $22.1 million figure is for the non-exclusive franchise tag, which gives teams the right to match any offer or receive two first-round picks as compensation — something that simply doesn't happen these days.

The $18.5 million is for the transition tag, which gives teams the option to match any offer sheet but without compensation if they decline.

The Dolphins went that last route in 2014 with tight end Charles Clay after the Buffalo Bills signed him to an offer sheet.

The window this offseason to apply a franchise or transition tag opened Tuesday and runs through March 5.

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