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Inside the Jaylen Waddle deal

The Dolphins and receiver Jaylen Waddle have reached agreement on a three-year extension that puts him in the top-five among all receivers. It technically puts him, when trimming the fat from receiver contracts, in the top two.

We'll explain later. For now, the details on the Waddle deal. Per a source with knowledge of the terms:

1. Signing bonus: $18.873 million.

2. 2024 base salary: $1.055 million, fully guaranteed.

3. 2025 base salary: $16.050 million, fully guaranteed.

4. 2025 workout bonus: $100,000.

5. 2026 base salary: $16.631 million, guaranteed for injury at signing and fully guaranteed in March 2025.

6. 2026 workout bonus: $100,000.

7. 2026 per-game roster bonus: $510,000 total.

8. 2027 base salary: $23.39 million, guaranteed for injury at signing. Of that amount, $15.2 million becomes fully guaranteed in March 2026. The remainder becomes fully guaranteed in March 2027.

9. 2027 workout bonus: $100,000.

10. 2027 per-game roster bonus: $510,000 total.

11. 2028 offseason roster bonus: $1 million.

12. 2028 base salary: $25.764 million.

13. 2028 workout bonus: $100,000.

14. 2028 per-game roster bonus: $510,000 total.

With Waddle due to make $19.94 million over the two remaining years of his deal, the total package is five years, with a total value from signing of $20.9 million. The new-money average is $28.25 million.

Technically, the $28.25 million in new-money average puts him behind A.J. Brown ($32 million), Amon-Ra St. Brown ($30.0025 million), and Tyreek Hill ($30 million). Removing the flnal-year fluff from St. Brown and Hill, Waddle comes in second — since St. Brown's deal is worth $28 million and Hill's is worth $25 million.

It won't last long, not with Justin Jefferson likely getting a new deal before training camp (if not sooner), with Ja'Marr Chase up after that, and with Tyreek Hill likely to get an adjustment of his own.