Jaylen Waddle enjoyed a productive start to his career with the Dolphins. Miami rewarded him for his performance Thursday.
Waddle signed a contract extension to keep him with the Dolphins for three extra seasons. He had two seasons left on his rookie contract, so he will remain in Miami over the next five years.
The Alabama product was first eligible to sign an extension with the Dolphins during this offseason. The No. 6 pick in the 2021 NFL Draft inked the contract amid a burgeoning receiver market that could soon explode as numerous top, young pass-catchers become extension-eligible.
Here's what to know about Waddle's new contract and where it places him among the NFL's highest-paid wide receivers.
MORE: Inside the NFL's highest-paid WR contracts in 2024
Jaylen Waddle contract details
Waddle signed a three-year extension with the Dolphins worth up to $84.5 million, per ESPN's Adam Schefter. The contract comes with $76 million guaranteed — nearly 90 percent of the contract — and will keep him in Miami through his age-30 season.
Waddle's contract places him among the five highest-paid receivers in average annual value (AAV) and top 10 in total contract value.
NFL's highest-paid WRs
Below is a look at the 10 highest-paid NFL wide receivers in AAV, per OverTheCap.com.
| Rank | Player | Team | AAV |
| 1 | A.J. Brown | Eagles | $32 million |
| 2 | Amon-Ra St. Brown | Lions | $30.002 million |
| 3 | Tyreek Hill | Dolphins | $30 million |
| 4 | Jaylen Waddle | Dolphins | $28.17 million |
| 5 | Davante Adams | Raiders | $28 million |
| 6 | Cooper Kupp | Rams | $26.7 million |
| 7 | DeVonta Smith | Eagles | $25 million |
| 8 | Nico Collins | Texans | $24.25 million |
| 9 | DK Metcalf | Seahawks | $24 million |
| 10 | Deebo Samuel | 49ers | $23.85 million |
Here are the highest-paid wide receivers in total contract value:
| Rank | Player | Team | Total contract |
| 1 | Davante Adams | Raiders | $140 million |
| 2 | Amon-Ra St. Brown | Lions | $120.01 million |
| 3 | Tyreek Hill | Dolphins | $120 million |
| 4 | Amari Cooper | Browns | $100 million |
| 5 | A.J. Brown | Eagles | $96 million |
| 6 | Calvin Ridley | Titans | $92 million |
| 7 | Jaylen Waddle | Dolphins | $84.5 million |
| 8 | Cooper Kupp | Rams | $80.1 million |
| Keenan Allen | Bears | $80.1 million | |
| 10 | DeVonta Smith | Eagles | $75 million |
| Christian Kirk | Jaguars | $72 million |
Waddle's deal may seem costly, but in reality, his price relative to other NFL receivers figures to decrease soon. Why? Because players like Justin Jefferson, CeeDee Lamb nd Ja'Marr Chase are seeking new deals during the 2024 offseason and should soon see nine-figure contracts from their respective clubs.
That will certainly move Waddle's total contract value down from its present No. 7 rank while his AAV also seems destined to drop out of the top five.
That makes this agreement a smart one for the Dolphins. They now have Tua Tagovailoa's top two weapons — Waddle and Tyreek Hill — locked up long-term. The $204.5 million combined to retain them is costly, but given that both topped 1,000 receiving yards in each of Mike McDaniel's first two seasons with the Dolphins, it could be worth it.
And once some of the NFL's other top receivers agree to new contracts, both deals could end up looking like solid values.
MORE: Projecting how Bryce Young, C.J. Stroud, more QBs will fare in second seasons
Jaylen Waddle stats
Below is a look at Waddle's stats from his first three seasons with the Dolphins. The No. 6 pick in the 2021 NFL Draft has never logged fewer than 1,014 yards in a season.
| Year | Games | Receptions | Yards | TDs | Yard/reception |
| 2021 | 16 | 104 | 1,015 | 6 | 9.8 |
| 2022 | 17 | 75 | 1,356 | 8 | 18.1 |
| 2023 | 14 | 72 | 1,014 | 4 | 14.1 |
Waddle's 18.1 yards per reception were the most in the NFL during the 2022 season. His deep speed is a major asset, and he and Hill are part of the engine that makes Miami the fastest team in the NFL.