March 20, 2026, 12:48 p.m. ET

The Denver Broncos traded for Jaylen Waddle on Tuesday, sending the former Miami Dolphins receiver out of the division and to another AFC opponent.

The Broncos sent a first, third, and fourth-round pick in the swap for Waddle and a Miami Dolphins fourth-round pick in this year’s draft. The first rounder will likely be the 25th or 26th selection overall.

The Bills’ front office had reportedly made an offer to Waddle at last season’s trade deadline that included a first-round pick. Miami did not want to trade the 27-year-old within the division.

Buffalo has since pivoted, striking a deal with the Chicago Bears for pass catcher DJ Moore and a fifth-round selection in exchange for their second-round pick, which would have been the 63rd or 64th overall pick in the draft.

GM Brandon Beane made a move for Moore that appears better by the week as free agency opened not long after the acquisition. Acquiring a first-round talent and a proven veteran receiver for a pick in a second draft round, which will lack that type of talent at the position, is a sensible move for a win-now team like the Bills.

Need a news break? Check out the all new PLAY hub with puzzles, games and more!

As time goes on, what also makes it seem like a good deal is the compensation other teams are giving up for receiving talent.

Denver sent a small haul of assets to acquire Waddle and, in free agency, teams like the Indianapolis Colts spent massively to retain receiver Alec Pierce ($114-$116 million), while the New England Patriots signed Romeo Doubs (up to $80 million) and the Pittsburgh Steelers traded with Indy for Michael Pittman Jr.

The “Dolphins-Tank” is in full effect, following some splashy roster moves to clean house and create cap space, in which they released a number of their biggest contracts, taking on dead cap hits. So much so that no player on the team is set to make more than $11.3 million against the cap this season, yet they’re currently over the cap with their five largest cap figures right now belonging to players no longer on the roster:

Another division opponent, the Jets in New Jersey, have joined the Dolphins as well. They even got a head start last season, trading away some of their top talent, and have continued to unload players.

For context, the Jets ($104.2 million) and Dolphins ($111.1 million) have more combined dead cap space for this upcoming season than the nominal gross domestic product of several countries (Tuvalu, Montserrat, Nauru).

Teams like the Bills and Broncos, on the other hand, are looking for difference-makers who can help them take the next step in the playoffs.

Buffalo has been looking for several seasons for a young, cap-friendly WR1, boundary, separation, and deep threat solutions at the position, which is why Waddle was a trade target.

In Moore, they are hoping to have found just that. He offers those abilities and positional versatility that offensive coordinator Joe Brady covets, plus the two yielded the receiver’s best career output together in Carolina.

The team may still add talent at receiver, but after meeting with some of the pass-catchers in this year’s draft, they moved quickly to secure Moore.

The Broncos have had a clear WR1 in Courtland Sutton, but not much in the way of consistency beyond him. Denver infamously beat Buffalo to advance to the AFC Championship game last season, in large part due to a blown call by officials on an incomplete catch by Bills receiver Brandin Cooks that replay later revealed to be a catch.

The two teams will meet in a rematch this season in Denver.