The Miami Dolphins entered the 2026 league year carrying a financial burden unlike anything the franchise has faced before. More than $165 million of the team’s $301.2 million salary cap is now committed to players no longer on the roster, a number that climbed further Tuesday after the trade of wide receiver Jaylen Waddle to the Denver Broncos.
That total represents more than half of Miami’s entire cap ceiling for the season. The Dolphins, who finished 7-10 in 2025 and missed the playoffs for the second straight year, are now deep in an organizational reset under new general manager Jon-Eric Sullivan and new head coach Jeff Hafley.
The dead cap situation is a direct result of aggressive roster-building under the previous regime, and those costs are landing all at once in 2026.
How Released Stars Left Miami Holding a Historic Cap Bill
Oct 5, 2025; Charlotte, North Carolina, USA; Miami Dolphins wide receiver Jaylen Waddle (17) celebrates after scoring a touchdown in the fourth quarter at Bank of America Stadium. Mandatory Credit: Bob Donnan-Imagn Images
Oct 5, 2025; Charlotte, North Carolina, USA; Miami Dolphins wide receiver Jaylen Waddle (17) celebrates after scoring a touchdown in the fourth quarter at Bank of America Stadium. Mandatory Credit: Bob Donnan-Imagn Images
Quarterback Tua Tagovailoa’s release produced the biggest individual figure. Released with a post-June 1 designation, $55.4 million of his total $99.2 million dead cap charge hits Miami’s 2026 books alone.
That figure alone surpasses the prior NFL record of $85 million that the Denver Broncos absorbed when they released quarterback Russell Wilson in 2024.
Wide receiver Tyreek Hill, the five-time All-Pro who suffered a season-ending knee injury in Week 4 of 2025, was released in February. His departure accounts for $28.2 million in dead cap charges against Miami’s 2026 books.
Cornerback Jalen Ramsey, traded away last offseason, costs $20.9 million in dead money. Safety Minkah Fitzpatrick, traded to the New York Jets this month, accounts for $13 million. Retired offensive tackle Terron Armstead adds $10.7 million.
Pass rusher Bradley Chubb, released in February, carries a post-June 1 charge that settles at $10.9 million. The Waddle trade then added $26.3 million on top, per ESPN’s Adam Schefter.
Schefter posted on X that Miami’s 2026 dead money has now crossed $175 million. NFL Network’s Ari Meirov flagged the same reality earlier Tuesday, noting $165 million of the cap was already committed to departed players.
The #Dolphins will have over $165M in dead money on their 2026 salary cap this upcoming season.
More than $165M of a $301.2M cap will be devoted to players no longer on the team.
That includes Tua Tagovailoa, Tyreek Hill, Jaylen Waddle, Jalen Ramsey, Minkah Fitzpatrick, and… https://t.co/qKiKiiaeBu
— Ari Meirov (@MySportsUpdate) March 17, 2026
Miami Shifts Focus to the Draft Board and a New Starting Quarterback
NFL Miami Dolphins Tyreek Hill
Jan 9, 2022; Miami Gardens, Florida, USA; Miami Dolphins quarterback Tua Tagovailoa (1) reacts with wide receiver Jaylen Waddle (17) after running with the football for a first down against the New England Patriots during the fourth quarter at Hard Rock Stadium. Mandatory Credit: Sam Navarro-USA TODAY Sports
In exchange for Waddle, the Dolphins received Denver’s 30th overall pick in the 2026 NFL Draft, plus third- and fourth-round selections. Miami now enters April with two first-round picks and 11 total selections.
Sullivan has filled the roster primarily through short-term free agent signings at near-minimum salaries, a deliberate approach to avoid building in the kind of long-term obligations now weighing on the franchise.
Malik Willis is the designated starting quarterback for 2026. The former Tennessee Titans and Green Bay Packers backup signed a three-year, $67.5 million deal, structured to carry just a $5.7 million cap charge this season.
The 2026 season figures to be a difficult one for Miami in terms of competitiveness. Over the Cap projects the Dolphins with more than $120 million in cap space for 2027, once the current dead charges begin clearing.
That 2027 window is the real target for this front office. Sullivan and Hafley will have a full draft class, more quarterback options, and room to spend on the roster.
How well the pieces gathered now hold up is a question that starts getting answered in April.