Overview
- The reported terms: Denver receives Jaylen Waddle and Miami’s fourth-round pick (No. 111); Miami gets the Broncos’ first-rounder (No. 30) plus Denver’s third- and fourth-round picks (Nos. 94 and 130).
- The deal is reported as agreed pending Waddle passing a physical, and outlets differ on salary allocation, with ESPN citing Denver owing about $5 million of Waddle’s 2026 guarantee and the Miami Herald reporting Denver assumes his full remaining pay.
- Waddle, 27, joins a Denver receiving group with Courtland Sutton, Troy Franklin and Marvin Mims Jr., giving Sean Payton another explosive option after last season’s AFC Championship Game run.
- Miami now holds two first-round picks (Nos. 11 and 30) and 11 total selections for the 2026 draft as new leadership under GM Jon-Eric Sullivan and coach Jeff Hafley accelerates a teardown.
- Waddle is under contract through 2028 after a 2024 extension and logged 64 catches for 910 yards and six touchdowns in 2025, with career totals of 373 receptions, 5,039 yards and 26 TDs.