The Miami Dolphins, amid some major roster turnover, are eating $165 million-plus in dead money for the 2026 NFL season. That's more than half of the $301 million cap space each team has this year.
Jon-Eric Sullivan had a clear plan to not spend too much this offseason, avoiding becoming "big spenders" in free agency. They signed Malik Willis for $67.5 million over three years, and yet, they're not big spenders. How?
ESPN's Marcel Louis-Jacques makes it clear that this $67.5 million contract, despite the big number, is not considered as the Dolphins being "big spenders" thanks to the great structure of the contract to limit the cap hits.
Dolphins not 'big spenders' despite Malik Willis $67.5M contract
"Even better for the team, Willis' contract is structured in a way that allows Miami to continue building its roster," Louis-Jacques writes. "Sullivan was intent on not being 'big spenders' in free agency this year, and he managed to stay true to that all while landing a starting quarterback."
Willis signed a three-year, $67.5 million deal with $45 million guaranteed at signing, including a $22.5 million signing bonus. But, in 2026, his guaranteed salary is just $1.25 million, and in 2027 it's $21.5 million.
Instead of having cap hits of $22.5 million for each of the three years Willis is under contract, he's only going to count against the Dolphins' cap with such lofty numbers in 2027 and beyond.
More: Dolphins agree to $67.5 million deal with Malik Willis
While the Dolphins are spending a lot on Willis, in regard to their cap space, this $67.5 million contract is not a massively restricting one, thanks to a great structure to the deal.
The Dolphins aren't short-changing Willis in free agency, and they're also keeping their spending down in a year where they have a massive dead cap hit from the release of Tua Tagovailoa, Tyreek Hill, and plenty of other notable stars.
Miami wanted to land Willis this offseason, and not only did they win in free agency for the former Green Bay Packers quarterback, but they also got him at a good price. They spent a lot on Willis, but they're not big spenders thanks to a great contract structure.
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