The Denver Broncos are going for it all. After coming so close to reaching the Super Bowl last season, the team decided to mortgage its future for the one key piece it believes can lead the team to another Super Bowl title.

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The Broncos gave up three picks — including a 2026 first-rounder — in exchange for Miami Dolphins wideout Jaylen Waddle. The wideout — a former first-round pick — is coming off two straight disappointing years after gaining at least 1,000 receiving yards in his first three seasons in the NFL.

It’s a steep price to pay considering Waddle’s recent production, but his surroundings may have played into that far more than his ability.

Who won the trade? Here are the grades:

Broncos pay up for their one missing piece

The Broncos are making a big bet Waddle can be the one player who can push the team to a Super Bowl championship. Denver gave up three 2026 draft picks in exchange for Waddle, including first-, third- and fourth-round selections for a wideout who hasn’t exceeded 1,000 receiving yards in either of the past two seasons.

But there were reasons for Waddle’s declining numbers. The Dolphins’ offense was much less effective following repeated injuries to quarterback Tua Tagovailoa. Former Dolphins coach Mike McDaniel had to drastically overhaul his system, emphasizing short passes in order to keep Tagovailoa from taking hits.

That resulted in poor numbers for nearly every member of the Dolphins’ offense, including Waddle, who had fewer opportunities to stretch the field.

While Waddle’s numbers last season don’t look impressive, Pro Football Focus liked what it saw, rating him as the 12th-best wideout in the NFL. Perhaps that’s best exemplified by Waddle nearly going for 1,000 yards despite catching passes from a struggling Tagovailoa and a seventh-round rookie in Quinn Ewers.

Giving up three draft picks could prove costly, though the Broncos were picking at the end of the first round anyway. In that sense, it was unlikely the team would have found a player as talented as Waddle with the No. 30 pick in the 2026 NFL Draft. Giving up third- and fourth-round picks wasn’t ideal, but the Broncos got the Dolphins’ fourth-rounder in return, and have cost certainty with Waddle, who is signed through the 2028 season.

Additionally, Waddle is the perfect complement for Courtland Sutton, who gets by on physicality and excellent hands. Waddle is more of a burner than Sutton and can stretch the field, giving Bo Nix two fantastic options capable of doing different things.

Grade: B

Miami embracing a full rebuild with Jaylen Waddle trade

It’s a new era in Miami. Following the firings of former GM Chris Grier and head coach Mike McDaniel, the Dolphins are going to look a lot different in 2026.

The team signaled as much prior to Tuesday’s trade, cutting ties with Bradley Chubb, Tyreek Hill and Tagovailoa earlier in the offseason. Now, Waddle joins that group.

It’s a move that leaves the Dolphins’ offense mostly bereft of talent. Star running back De’Von Achane is still around … but should also be a trade candidate considering he’s entering the final year of his contract. Things could get worse in Miami before they get better.

That’s not exactly an encouraging sign for new quarterback Malik Willis. The Dolphins decided to go all-in on the Green Bay Packers this offseason, bringing in general manager Jon-Eric Sullivan, head coach Jeff Hafley and Willis from the franchise.

While the 26-year-old Willis showed flashes in limited playing time, he’s started just six games in his four-year NFL career. With the Waddle trade, the Dolphins aren’t exactly giving Willis much help as he prepares to be a starter for the first time in his career.

The Dolphins can — and almost certainly will — use their draft picks to give Willis more weapons. Whether any of those players can replace Waddle — at least immediately — could be a tough task.

Then again, Waddle experienced declining production over the past two seasons, and couldn’t overcome a sinking Dolphins offense. With Hill sidelined in 2025, Waddle didn’t do much to prove he could be a No. 1 option in the NFL and his contract was about to become expensive soon. Maybe the new braintrust in Miami saw the trade as an opportunity to get out of a bad extension for a good, but not great, player.

There were reasons for the Dolphins to make the deal, but that offense is looking pretty rough right now.

Grade: C