Jaylen Waddle trade: Grades for Dolphins and Broncos

The Denver Broncos were one game — and perhaps a Bo Nix ankle injury — away from Super Bowl LX.

But after a quiet start in free agency, the Broncos are making a big move to try and secure a spot in Super Bowl LXI.

According to multiple reports, the Broncos are acquiring Miami Dolphins wide receiver Jaylen Waddle in a trade. Here are the terms of the deal, as set forth by ESPN NFL insider Adam Schefter:

Other insiders, notably Tom Pelissero of the NFL Network, are reporting that the two sides first talked about a potential deal for Waddle at last season’s trade deadline, but could not come to terms on a framework. But now, as free agency begins to wind down, the two sides have made a deal.

So let’s hand out some grades.

Denver Broncos

At the outset, let’s talk about Waddle for a moment.

Since entering the league, the speedy wide receiver has been a big play waiting to happen for the Dolphins. He gained more than 1,000 yards in each of his first three seasons, while averaging a whopping 18.1 yards per reception during the 2022 season. However, his production dipped in both 2024 and 2025, as the Dolphins began to struggle and the quarterback situation became more unsettled in Miami.

But even as that quarterback situation became unsettled in Miami, Waddle averaged 14.2 yards per reception last season, second only to what he posted during 2022.

While Waddle is a threat in the vertical passing game, many of his explosive plays last season came on in-breaking routes, where he can use his speed in the middle of the field to run away from defenders both on the route, and after the catch.

Plays like this one against the Atlanta Falcons last season:

Now the compensation given up for Waddle is steep, but part of putting a grade on a move like this is the process. The beauty of this time of year is that we truly learn how an organization feels about where they are.

Denver was rather quiet this offseason, mostly re-signing their own players, and have now paid a somewhat steep price for a receiver despite being in a position (with the 30th pick in the draft) where they could add a receiver on a rookie contract.

Instead, they’ve paid that price for Waddle who, given his skillset, could be a perfect fit for both Bo Nix as well as the Sean Payton/Davis Webb offense. Use him on vertical shot plays, get him going on shallows in some of Denver’s quick game concepts as well as in-breaking routes off of play-action or RPO designs, and he might be Nix’s best friend next season.

And looking at how he fits into what is suddenly a crowded WR room, you can look at an 11 personnel package of Courtland Sutton, Waddle, and Troy Franklin. Between Sutton and Waddle, there is enough talent to stress the majority of NFL defenses.

The Broncos have a vision here, and we do appreciate that. They like the team that was one game away from Super Bowl LX, saw a way to improve that team for 2026, and have paid the price they needed to pay.

Grade: A

Miami Dolphins

Now let’s turn to the Dolphins for a moment.

The new regime has made several key moves so far, most notably signing free agent quarterback Malik Willis. And after releasing Tyreek Hill and trading Jaylen Waddle, one has to wonder where Willis will go in the passing game.

However, now the Dolphins have a pair of first-round selections (No. 11 and No. 30) and have two different spots where they can add a receiver in the draft to help with what some are calling a “quick rebuilding” process. Miami also gets an extra third-round pick, as well as an extra fourth-round pick, to work with when the 2026 NFL Draft gets underway.

That moves Miami a step closer to the roster reset they are looking for this offseason.

Still, we have to look at the process. Having multiple first-round picks is a good thing on paper, but what the Dolphins ultimately do with those picks will tell the full story of this trade. That tempts us to give Miami an “incomplete” grade here, and revisit this story in April when we get a more complete picture of their vision.

There is also this:

So we’ll give this trade a solid grade, with room for improvement.

Or to slip depending on where they go from here.

Grade: B