The Miami Dolphins made one of the most shocking trades of the NFL offseason, sending both Jalen Ramsey and Jonnu Smith to the Pittsburgh Steelers in exchange for Minkah Fitzpatrick. The Dolphins replaced Ramsey with Fitzpatrick, another player who will slot into their secondary, but notably, didn't acquire a tight end. Instead, they replaced Jonnu Smith with Darren Waller. Dolphins fans, understandably, didn't love that outcome, but the swap might honestly work out better than they expect due to his contract details.
"Although Waller’s Raiders deal ran through 2026, OverTheCap indicates his Dolphins pact ends after the 2025 season. Waller will be tied to a one-year, $2MM deal that includes no guarantees. Incentives can take this contract to $3MM, according to Cards Wire’s Howard Balzer. Waller counts $2MM against Miami’s cap."
Yes, you read that correctly. Waller's contract with the Dolphins doesn't include a single cent of guaranteed money. It's carried entirely by incentives, which can carry the contract value to $3 million.
Darren Waller's contract details suggest he might be worthy Dolphins gamble after all
Given the fact that Waller isn't guaranteed to see a single cent of his contract, there's reason to believe that the Dolphins are going to get a highly motivated version of the 32-year-old. That can lead to great results.
It's unlikely that Waller will be the 1,100-yard tight end he was with the Las Vegas Raiders in 2019 and 2020, but even when last seen in 2023, he had 52 receptions for 552 yards in 12 games for the New York Giants. He was able to average roughly four receptions and 46 yards per game over 12 contests despite catching passes from the likes of Daniel Jones, Tyrod Taylor, and Tommy DeVito. With an obvious quarterback upgrade going from that trio to Tua Tagovailoa, and a much better supporting cast around him, why can't Waller put up comparable, if not better numbers?
Waller has had his struggles staying healthy, and it's obviously a risk to acquire a player who didn't play a single snap in 2024, but he's always been incredibly talented, as his pair of 1,100-yard seasons would suggest. For the Dolphins, it feels as if the risk/reward is worthwhile. He counts for just $2 million against their cap, and again, he doesn't see any money unless he earns it through incentives.
Losing Jonnu Smith is undoubtedly a big deal, as he was a huge part of what Miami was able to accomplish last season. I'm not here to say Waller will put up Smith-type numbers, but can he not be in the same stratosphere as Smith?
Waller came back to the NFL because he wanted to play, and he will certainly be motivated to earn as much of the $3 million he possibly can. Getting a highly motivated Waller at a microscopic cap hit might honestly age better than had the Dolphins given Smith the $12 million Pittsburgh did. Even if it doesn't, it's not as if the Dolphins are taking much of a risk here. He's easy to move on from in the event of an absolute disaster.