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The Miami Dolphins just gave the bag to another wide receiver. On Thursday, the team is signing Jaylen Waddle to a three-year contract extension worth $84.75 million, CBS Sports lead NFL insider Jonathan Jones confirms. The deal includes $76 million guaranteed. Waddle's new AAV of $28.25 million makes him the fourth-highest paid receiver in the NFL, right behind teammate Tyreek Hill

Waddle became eligible for an extension this offseason, and he has crossed 1,000 receiving yards in each of his three NFL campaigns. In 2023, Waddle caught 72 passes for 1,014 yards and four touchdowns. The No. 6 overall pick out of Alabama burst onto the scene as a rookie by setting an NFL record with 104 receptions. That record was broken this past season by Los Angeles Rams rookie Puka Nacua, who caught 105 passes. In 2022, Waddle led the league with 18.1 yards per reception while recording a career-high 1,356 receiving yards and eight touchdowns. 

The wide receivers market has been completely reset this offseason. Miami made Hill the highest-paid receiver in 2022 after acquiring him from the Kansas City Chiefs, but he was recently passed by Amon-Ra St. Brown of the Detroit Lions after the star agreed to a four-year deal reportedly worth more than $120 million, while A.J. Brown of the Philadelphia Eagles agreed to a three-year extension worth $96 million. Both of those new AAVs of $30.002 million and $32 million surpassed Hill's $30 million-per-year benchmark. 

Jaylen Waddle
MIA • WR • #17
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With players like CeeDee Lamb, Justin Jefferson, Ja'Marr Chase and Brandon Aiyuk searching for extensions, the Dolphins were smart and got out ahead of the still-surging market by paying their guy top-five money as soon as he was eligible to receive it. Up next for the Dolphins? Supposedly Tua Tagovailoa's extension.