Are the Miami Dolphins tanking? That question has been circulating for weeks, especially after the new regime of general manager Jon-Eric Sullivan and head coach Jeff Hafley took over. The speculation only intensified when the team traded star wide receiver Jaylen Waddle to the Denver Broncos after already releasing Tyreek Hill. That narrative, however, is now starting to shift again, at least according to Mike Florio.

“For those who believe the Dolphins are tanking in 2026, one trend contradicts that conclusion: They’re kicking as much cap space as they can into future years,” Florio wrote.

Florio was talking about the recent contract restructures the Dolphins have pulled off. Per Barry Jackson of the Miami Herald, Miami restructured the contracts of running back De’Von Achane and center Aaron Brewer, lowering their cap charges for the current year to almost $8 million.

Looking deeper into those moves adds more context. Achane, who was entering the final year of his rookie contract, had four void years added. The team converted $4.6 million of his salary into a signing bonus and pushed $3.7 million into future years.

Brewer’s deal followed a similar structure. The Dolphins converted $5.25 million into a signing bonus, added a void year, and created $4.2 million in cap space.

Taken together, these are not random moves. They suggest a front office that is actively managing its cap and planning ahead. That is why Florio believes these restructures push back against the idea that Miami is tanking. Still, the speculation did not come out of nowhere. The Dolphins’ offseason moves have been aggressive enough to raise eyebrows.

Are the Dolphins in tanking mode under the new regime?

The Dolphins find themselves in one of the worst cap situations in the league heading into 2026. Reports suggest the team is dealing with well over $100 million in dead money, with a significant portion tied to the release of Tua Tagovailoa. Miami designated Tua as a post–June 1 cut, resulting in $99.2 million in dead cap, with $67.2 million hitting the 2026 season and the rest rolling into 2027.

That alone put the team in a difficult spot. But the roster decisions that followed only added fuel to the tanking narrative.

Miami brought in Malik Willis as a replacement option, a move that raised questions given his inconsistent track record as a starting quarterback. Then came the Waddle trade. The Broncos, fresh off an AFC title game appearance, acquired Waddle along with a 2026 fourth-round pick in exchange for their 2026 first-round pick (30th overall), third-round pick (94th), and fourth-round pick (130th).

Once that deal went through, the financial picture became even clearer. The Dolphins are now projected to carry over $175 million in dead cap for the season, spread across multiple former players:

• Tua Tagovailoa: $99.2 million ($67.4 million in 2026)
• Jaylen Waddle: $26.3 million
• Tyreek Hill: $28.2 million
• Jalen Ramsey: $20.9 million
• Minkah Fitzpatrick: $13 million
• Bradley Chubb: $10.9 million
• Terron Armstead: $10.7 million
• James Daniels: $4.8 million
• Zach Wilson: $3.8 million
• Alec Ingold: $2 million
• Jonnu Smith: $1.7 million
• Nick Westbrook-Ikhine: $1.6 million
• Matthew Judon: $1.4 million
• Jason Sanders: $663,000
• Cam Smith: $528,000
• Mohamed Kamara: $160,000

Looking at those numbers, it is easy to understand why the tanking narrative gained traction. Moving on from star players, taking on massive dead money, and lowering short-term expectations are all classic signs of a team stepping back.

But this is where the nuance comes in. The recent restructures suggest something different. Miami is not simply tearing things down and accepting losses. Instead, it is actively managing its cap, spreading out financial pressure, and keeping future flexibility intact.

That does not completely shut down the tanking conversation, but it complicates it. If anything, the Dolphins are operating somewhere in between. The roster moves may look like a reset, but the financial strategy points toward a controlled rebuild rather than an intentional collapse.