Jaylen Waddle's extension with the Miami Dolphins had the unintended consequence of making Tyreek Hill appear underpaid.
While Hill just turned 30 in March, he remains one of the most dangerous offensive players at any position. He led the NFL with 1,799 receiving yards last season and has reportedly been trying to get a raise ever since.
"Per a source with knowledge of the situation, the effort to address Hill's contract began after the 2023 season ended," Pro Football Talk's Mike Florio wrote.
Technically, Hill's $30 million annual value is still higher than Waddle's $28.3 million value. However, as Florio recently pointed out, Miami is highly unlikely to pay out the final year of Hill's contract. He'll have a $56.3 million cap hit in 2026, whereas the Dolphins would be left with a dead cap hit of only $11.3 million if they parted ways with him.
For practical purposes, Hill is under contract for two more years at cap hits of $31.3 million and $34.2 million. Now that Jefferson's deal eclipsed those numbers, Hill will likely want an immediate adjustment.
The big unknown here is the length of a Hill extension. The potent pass-catcher is still going strong, but he also said last year that he planned to retire after the 2025 season.
A short-term extension with a massive restructure might be Hill's end goal here. If he does receive a new contract this offseason, expect it to outright replace the final three years of his current contract, raising the annual value and pushing bonus money into future years, when the salary cap should be substantially higher.
Contract projection: New four-year, $140 million deal that runs through 2027 and includes $85 million guaranteed
