On Tuesday morning, the Miami Dolphins and Denver Broncos agreed to a blockbuster trade that sent Jaylen Waddle and a fourth-round pick to the Broncos for their 2026 first, third and fourth-round picks. The Broncos now add a very talented receiver on a good contract to their roster, while Miami continues to purge their roster as they begin a rebuild in year one under Jeff Hafley.

Today, I’ll be grading the hauls both teams got and also breaking down what this trade could mean for the 2026 NFL Draft.

Denver Broncos Trade Grade

I love this move for the Broncos. They already have an incredible defense, which kept pretty much all but one of their key pieces in place this offseason. What held them back at times last year was their offense. Bo Nix was a little inconsistent, and they lacked a second dominant receiver next to Courtland Sutton. Well, now they have one.

Jaylen Waddle is an excellent receiver, and the best part is, he’s on a very good deal. He’s making $28.25 million per year, which ranks 12th among receivers and is behind guys like Alec Pierce, Terry McLaurin and Brandon Aiyuk. With Nix on a rookie contract, they can afford to pay two receivers $20+ million a year.

Courtland Sutton is 6-foot-4 and can dominate on the outside, so they really needed a smaller, speedy receiver to work the middle of the field and create yards after catch, and Waddle is one of the best receivers in the league at doing just that.

Denver had to give up a pretty good haul to get him, but this roster is ready to win now. They were a Bo Nix injury away from possibly making the Super Bowl last year, so a first, third and fourth is a small price to pay for a player that could get you over the hump.

Grade: A

Miami Dolphins Trade Grade

I feel so bad for Malik Willis. I’m sure he knew this was a possibility when he signed with Miami, but I always thought he should’ve gone to Arizona, but instead, he chose his former coach in Jeff Hafley, and now he’s not even going to have a fighting chance in 2026.

That being said, this was the right move for Miami. They were going to be horrific in 2026, and having Jaylen Waddle on the roster wasn’t going to change that. And in return, they got a first, third and fourth rounder. Granted, they are all very late picks, but for a team with as many holes as Miami, they need all the help they can get.

If I were grading this trade for Malik Willis, it would be an F. He’s going to be throwing to Malik Washington and Jalen Tolbert in a year where he has to prove he should be Miami’s long-term starter. That is obviously not ideal. But I’m not trading this grade for Willis, I’m grading it for Miami, so they get a…

Grade: B

How This Trade Will Effect the Draft

For the longest time, I’ve had the Miami Dolphins taking Caleb Down, Mansoor Delane or Jermod McCoy with the No. 11 pick in the draft. They have massive holes in their secondary, and Jeff Hafley is a defensive head coach. I thought they’d address cornerback or safety with their first pick, but now that Jaylen Waddle’s gone, could they throw a curveball and take a receiver at No. 11?

Carnell Tate will almost certainly be gone by pick 11, but Jordyn Tyson and Makai Lemon could both still be there. They have completely different skillsets, but they’d instantly be the best receiver on the team.

Tyson has some medical history, but without it, he’s clearly the best receiver in this draft class. He’s a big outside guy that can dominate from the X spot. Lemon is a small slot receiver, but he can step in and handle a big volume of targets instantly. Slot receivers aren’t always valued high, but they can be a quarterback’s best friend.

If Miami does take Tyson or Lemon at No. 11, that means one of Caleb Downs, Mansoor Delane or Jermod McCoy is likely to slide to the Dallas Cowboys at No. 12. After the Kansas City Chiefs signed Kenneth Walker, I was concerned Dallas may end up missing out on all three of the top defensive backs in this draft class, but if Miami takes a receiver, the Cowboys should be able to get one of those three (likely McCoy).

Now, with the 30th pick, the Dolphins could spoil the New England Patriots and Seattle Seahawks’ plans. The Patriots could use help at receiver and edge rusher, while the Seahawks could use some defensive back help.

If the Dolphins go receiver at No. 11, they will almost certainly use No. 30 on a defensive player. Likely a defensive back or edge rusher. Guys like Colton Hood, Brandon Cisse, Emmanuel McNeil-Warren, T.J. Parker and Zion Young could all be in play there, and taking one of them could steal one of those players away from the two Super Bowl teams.

This trade impacts more than just two teams. With the Dolphins adding another first-round pick and having next to no receivers on the roster, it shakes up the entire first round.

The Broncos added an elite receiver to pair with Courtland Sutton, while the Dolphins picked up some much needed draft capital and future cap relief. A win-win for both sides, but I think the Broncos are the biggest winners of this trade.