Per multiple reports, he Broncos will give up their 1st and 3rd rounders to acquire the services of Jaylen Waddle, while moving their own 4th rounder up to the Dolphins’ location in the 4th round.
Here is what Waddle’s contract should look like for the Broncos upon acquisition. This assumes that the Broncos will exercise Waddle’s 2026 option bonus as scheduled this upcoming Friday–if they decline to do so or make some other change, a correction will be issued.
| Season | Base Salary | Prorated Option Bonus | Roster Bonus | Workout Bonus | Cash Due | Cap Number | |
|---|---|---|---|---|---|---|---|
| Regular | Per Game | ||||||
| 2026 | $1,215,000 | $3,083,200 | $0 | $510,000 | $100,000 | $17,241,000 | $4,908,200 |
| 2027 | $23,390,454 | $3,083,200 | $0 | $510,000 | $100,000 | $24,000,454 | $26,983,654 |
| 2028 | $25,764,546 | $3,083,200 | $1,000,000 | $510,000 | $100,000 | $27,374,546 | $29,357,746 |
| 2029 | Void | $3,083,200 | Void | Void | Void | $6,166,400 | |
| 2030 | Void | $3,083,200 | Void | Void | Void | $0 | |
The Broncos are essentially acquiring the entirety of Waddle’s three year extension he signed with the Dolphins, except for a signing bonus of $18.874 million Miami already paid out. Thus, from Denver’s standpoint, the APY they’re due to pay Waddle falls from $28.25 million to $22.872 million, and it is a frontloaded contract at that, with Waddle set to earn slightly less than Courtland Sutton’s $17.5 million in 2026.
What takeaways should we make from this trade?
Unlike some, I am not concerned about what Denver gave up in draft capital to make this trade happen. Their 1st and 3rd round picks are very low in order, and I consider Waddle to be one of the upper tier receivers in the league that ran into difficult circumstances in Miami, and one that should complement Sutton very well with contrasting skillsets.
The Broncos also are now very deep at wide receiver, with Waddle, Sutton, Marvin Mims, Troy Franklin, and Pat Bryant now all on board. But pressure will be on all of the other receivers other than Waddle for 2027.
Sutton will be turning 31 during the 2026 season. He has no more fully guaranteed money left on his contract, but he does have a $10 million vesting guarantee due on the 5th day of that league year. If the Broncos were to part ways with Sutton, it would have to come early in 2027.
Mims is also in the final season of his rookie contract, and that final season received a maximum boost from the Proven Performance Escalator due to his Pro Bowl accolades as a returner. Mims is set to earn $5.767 million in 2026. Mims will likely need to take a step forward beyond elite returner skills if he is going to earn a lucrative second contract, and it might not be in Denver.
What the future holds for Sutton and Mims will likely come down to how well Franklin and Bryant progress in 2026. If either of them set a clear floor of WR3, that might set the stage for Mims’s exist, and if either can push Sutton for a WR2 rule next to Waddle, that could end Sutton’s long tenure in Denver.
But questions for 2027, while important not to completely ignore, take a considerable back seat toward the here and now in 2026. The Broncos are taking their shot to win a Super Bowl this season, and hopefully they are successful. Excellent depth at wide receiver will give them a better chance of that perpetual ultimate goal.