Big free-agency trade moves

Denver received Waddle plus a 2026 fourth-round pick (No. 111) while Miami got Denver’s 2026 first-round pick (No. 30), the Broncos’ third-rounder (No. 94) and fourth-rounder (No. 130) as the specific exchange announced by the team. (denverbroncos.com) Denver is taking on Waddle’s 2024 extension—reported as a three-year, $84.75 million deal—with roughly $68 million remaining across the next three seasons, per contract breakdowns. (profootballnetwork.com) That contract structure produces a modest 2026 cap hit (just under $5 million) but projects to spike to roughly $27 million in 2027 and about $30 million in 2028, figures analysts say force a near-term affordability/long-term commitment decision for Denver. (profootballnetwork.com) The talks that produced the deal reportedly began near last season’s trade deadline and were completed under Miami’s new roster regime, which moved aggressively to convert a star asset into top-100 draft capital. (nfl.com) New York received a 2027 sixth-round pick in return for Fields, and the salary arrangement leaves the Jets covering the bulk of his 2026 guaranteed money while Kansas City is on the hook for roughly $3 million of that guarantee, according to league reports. (espn.com) Rapoport and NFL Network reporting added that the Jets also paid Fields an $8 million signing bonus as part of the move, a payout that raises his 2026 cash to about $11 million amid the salary-split terms. (nfl.com) Kansas City framed the acquisition as insurance while Patrick Mahomes rehabs from ACL surgery, addressing a backup gap that opened after Gardner Minshew and other veteran options departed this offseason. (espn.com) Broncos coaches add Waddle into a receiving room that already lists Courtland Sutton and Troy Franklin, and team releases cited Waddle’s five-year totals (373 catches, 5,039 yards, 26 TDs) and multiple 1,000-yard seasons as reasons the move immediately upgrades Denver’s passing-game weapons. (denverbroncos.com)