Denver Gazette reporter Chris Tomasson reacts to the Broncos trading for Dolphins receiver Jaylen Waddle on March 17.

Owner Greg Penner had vowed the Broncos would be “opportunistically aggressive” during free agency. An opportunity arose Tuesday, and they pounced on it.

While it wasn’t the signing of their first outside free agent, it was perhaps even bigger. A source said Denver reached a deal to acquire wide receiver Jaylen Waddle from the Miami Dolphins. The Broncos also will receive a 2026 fourth-round pick (No. 111 overall) while giving up their first- (No. 30), third- (No. 94) and fourth-round (No. 130) selections in the April 23-25 draft in Pittsburgh.

The Broncos got an additional weapon for quarterback Bo Nix and a playmaker they long have coveted. Waddle will pair with Pro Bowler Courtland Sutton to provide them with two top receivers.

Waddle, 27, last year caught 64 passes for 910 yards and six touchdowns. In five Dolphins seasons, he had 373 receptions for 5,039 yards and 26 touchdowns.

“The kid’s explosive,’’ said former Broncos star receiver Rod Smith. “I think with the right mix of plays and play calls, he can be that guy who can catch one and make it big. … He’s not a possession receiver to me. He’s one of those guys who catches a slant and it’s 15 yards versus 7 yards. He catches a go route over the top.”

The Broncos still haven’t added an outside free agent since the negotiating period began March 9, with the new league year starting March 11. But they had been active since the start in seeking another receiver. The Denver Gazette reported last week free agents they inquired about included Romeo Doubs, who left Green Bay for New England, and Kendrick Bourne, who departed San Francisco for Arizona.

The Broncos have re-signed 17 of their free agents this month. The addition of Waddle is expected to become official after he is in Denver on Wednesday for a physical.

There will be high hopes in 2026 for the Broncos, who lost 10-7 to New England in the AFC Championship Game on Jan. 25, a game Nix missed due to a broken ankle. Head coach Sean Payton will be back for a fourth Denver season but has relinquished play-calling duties to Davis Webb, promoted in February to offensive coordinator.

“I think we’re looking for a more explosive type of offense with Davis Webb calling the plays,’’ Smith said. “So if you’re going to give up that much (for Waddle), you’re definitely expecting a huge return, which is getting back to the AFC Championship Game and trying to get back to the Super Bowl (for the first time since the 2015 season).”

Waddle is under contract through 2028. The Broncos are responsible for paying him $17.24 million in 2026, which includes a $15.416 million option bonus due to be picked up Friday. While Waddle will get that money, it remains to be seen how it will be distributed by Denver on the salary cap.

Most observers expect the Broncos to spread the money out on their cap, which could leave Waddle with cap numbers of $4.903 million in 2026, $26.983 million in 2027, $29.357 million in 2028 and a dead cap amount of $6.166 million in a 2029 void year. While Waddle’s base salary of $25,764 million in 2028 is not guaranteed and he could be let go by then, such a move likely would make the trade be deemed a failure.

Smith expects Waddle, 27, to help the Broncos “underneath passing game” but did say they gave up “a lot” for him. Denver now has just one pick in the first three rounds of the draft, that being No. 62 in the second round.

“I like Waddle,’’ said acclaimed special teams coach Mike Westhoff, 78, who was Denver’s assistant head coach in 2023 and for the first half of 2024 before retiring for medical reasons. “I know (the Broncos) really wanted that explosive guy, and you don’t have to be Sherlock Holmes to put that together. … But that’s a lot to give up.”

Westhoff lives in Fort Myers, Fla., and pays close attention to the Dolphins. He was their special teams coach from 1986-2000.

“Betting a lot of money on a receiver, I can’t say it’s wrong,’’ Westhoff said. “I do like this kid. I think he’s very good. But I see a lot of guys who are pretty good receivers.”

Miami radio play-by-play announcer Jimmy Cefalo, a Dolphins receiver from 1978-84, also was surprised at how much the Broncos parted with in the deal.

“Denver gave up a boatload,’’ he said. “I was shocked when I saw the compensation. He’s a good receiver, don’t get me wrong, but that’s a king’s ransom. Are they looking at him like he’s the final piece of the puzzle in Denver? The Dolphins are looking at it like a rebuild.”

The Dolphins have big salary-cap issues as they look to rebuild under new general manager Jon-Eric Sullivan and new head coach Jeff Hafley. They took a huge cap hit when they released quarterback Tua Tagovailoa last week, with their dead money being $52.4 million on him in 2026 and $43.8 million in 2027.

Overall, though, Cefalo spoke well of Waddle.

“He’s a terrific young man, first of all,’’ Cefalo said. “He’s a pleasure to be around. He’ll be a great fit in their locker room. He is a great route runner with tremendous speed. … I do think a lot of him, and I wish him the best.”

Waddle was the No. 6 pick out of Alabama in the 2021 draft while Crimson Tide teammate Pat Surtain II went No. 9 to Denver. The Broncos cornerback on Tuesday posted on social media a picture of him having a video call with Waddle and a picture of him smiling with his hands together in prayer fashion.

After going to Miami, Waddle had a career-high 104 catches for 1,015 yards as a rookie in 2021 and 75 grabs for a career-high 1,356 yards in 2022, when he led the NFL in average yards per reception at 18.1. His numbers dropped after that, with Waddle having 72 catches for 1,014 yards in 2023 and 58 for 774 yards in 2024 before before they went back up a bit in 2025. Waddle missed three games due to injury in 2023, two in 2024 and one last season, the only games he has sat out in his NFL career.

Jim Jensen, a Dolphins wide receiver from 1981-92, said Waddle’s numbers declined in part due to troubles at quarterback. Tagovailoa suffered a serious concussion in September 2024 and missed six games that season. He was benched for the final three games of 2025, leading to his release.

“That was a horrible concussion,’’ Jensen said. “After that, Tua never has been the same. … But (Waddle) is a very good player, and I’m really surprised they traded him. He’s patient.  He runs good routes. He’s got a great attitude. He works hard. You need stuff like that.”

Waddle will join a deep Denver receiver room that also includes Sutton, Troy Franklin, Marvin Mims Jr. and Pat Bryant. The latter three will battle for playing time due to Sutton and Waddle being the two primary receivers.

“They’re going to have to pick their games up,’’ Smith said. “There’s only so many spots you can put guys on the field. All those guys have earned the right to be able to get more action. I think having three wide receivers on the field is one part of the game plan.”

For now, Smith was happy to see the Broncos finally make a move in acquiring an outside player. He said his phone had been ringing plenty with friends asking what they were doing.