When the Dolphins acquired Darren Waller, the veteran tight end’s cap hit stood beyond $10MM. That is no longer the case, as the Dolphins and the unretiring tight end have agreed on a new structure after the unexpected trade.
The Giants had acquired Waller’s Raiders extension in March 2023, only to see the former Pro Bowler retire after one season in New York. He expressed a desire to be traded to Miami, where he will try and resurrect his career. The Dolphins will be careful here, as they designed a contract with no guarantees.
Although Waller’s Raiders deal ran through 2026, OverTheCap indicates his Dolphins pact ends after the 2025 season. Waller will be tied to a one-year, $2MM deal that includes no guarantees. Incentives can take this contract to $3MM, according to Cards Wire’s Howard Balzer. Waller counts $2MM against Miami’s cap.
This could represent a bargain for the Dolphins, based on Waller’s past performance, but the player having an extensive injury history and being out of football in 2024 invited the team to exercise caution when doing this deal. Although the Dolphins held trade talks with the Raiders in 2023, they are getting a different version of Waller by 2025.
Waller’s issues with substance abuse nearly ended his NFL opportunity before it started; the Raiders signing him off the Ravens’ practice squad in November 2018 changed his career path. The Jon Gruden 2.0-era pickup posted back-to-back 1,100-yard seasons (2019-20) and drew Comeback Player of the Year votes in 2019 and a Pro Bowl nod in 2020. Waller signed two Raiders extensions, the second just before the 2022 season after an extended negotiation, but saw the Josh McDaniels-Dave Ziegler regime trade him for a third-round pick — the choice the Giants obtained in the Kadarius Toney trade — months after the three-year, $51MM extension emerged.
In New York, Waller played just 12 games. For a Giants team that had moved on from Evan Engram in 2022, Waller’s 2023 work (52 receptions, 552 yards, one touchdown) stands out. But he landed on IR due to a hamstring injury, his second in two seasons. Waller did return via IR activation late that season, but he hinted at a potential retirement during the 2024 offseason. The veteran tight end followed through on that weeks after the draft, setting up another unremarkable Giants TE season.
Not many good options were available for the Dolphins, who folded Jonnu Smith into the Jalen Ramsey–Minkah Fitzpatrick swap with the Steelers. Waller, who missed six games in 2021 and eight in 2022, represents a low-risk bet. Miami can move on for no dead money. Waller will turn 33 in September; the upcoming Dolphins training camp will determine if he still has an NFL future.