The Miami Dolphins have made the strategic decision to exercise the 5th-year options for standout players Jaelan Phillips and Jaylen Waddle, securing their talents through at least the 2025 season. This move, anticipated by General Manager Chris Grier in discussions before the draft, ensures the continuation of the duo’s contribution to the team’s dynamic.
Jaylen Waddle’s contract now includes a guarantee of approximately $16 million for the 2025 season. This guarantee also covers a scenario where Waddle might suffer an injury in the 2024 season, making him unable to participate in the subsequent season. Jaelan Phillips finds himself in a similar financial arrangement, with a $15 million guarantee for the 2025 season under the same conditions.
Both Waddle and Phillips are categorized under “Tier 3” according to the NFL’s 5th-year option structure, which comprises four tiers based on players’ achievements and contributions. Tier 3 is designated for players who have played at least 75% of their team’s snaps in two separate seasons. This distinction influences the financial benefits players receive, showcasing the considerable variance in compensation across tiers.
With these pivotal signings out of the way, the Dolphins can now direct their focus towards securing long-term commitments and addressing other roster considerations. Notably, the approach for Phillips might be one of caution due to his recovery from an Achilles injury.
Holding off on long-term discussions until his performance can be evaluated mid-season appears to be a prudent path. Conversely, for Waddle, the Dolphins have every reason to negotiate an extension promptly, especially considering recent market precedents set by similar talents.
Another key consideration for Miami is the future of Jevon Holland, who, having been drafted in the second round, does not qualify for a 5th-year option and is thus on track to become a free agent after the 2024 season. Addressing Holland’s contract sooner rather than later could be financially beneficial for the Dolphins, especially in light of the salary cap relief they are set to receive following the departure of Xavien Howard.
Chris Grier has been vocal about Holland’s importance to the Dolphins’ strategic future, and with the upcoming financial flexibility, solidifying his position within the team could very well be a priority. As the Dolphins look forward to an $18 million salary cap relief this June, the strategic maneuvers made now could define the team’s competitiveness and success in the upcoming seasons.