JUST IN: Dolphins, WR Jaylen Waddle rejected contract of $84.75M because of…

MIAMI — The Dolphins agreed to a contract extension Thursday with Jaylen Waddle that makes him one of the highest-paid wide receivers in the NFL.

The three-year, $84.75 million extension includes $76 million guaranteed, sources told ESPN’s Adam Schefter. The $28.25 million average annual value of the extension is the fourth highest in the NFL among wide receivers, while the guaranteed money is the third behind A.J. Brown ($84 million) and Amon-Ra St. Brown ($77 million).

Waddle is now signed through the 2028 season.

Waddle has the 16th-most receiving yards of any player in their first three seasons, despite having played next to Tyreek Hill for the last two seasons. His 3,385 receiving yards since 2021 rank 13th in the NFL.

After setting a rookie record with 104 receptions in 2021 as the sixth overall pick, the player went on to amass a career-high 1,356 yards in 2022 during his first season under head coach Mike McDaniel. Waddle became the first player in Dolphins history to record three seasons with at least 1,000 receiving yards when he achieved his third consecutive 1,000-yard season in 2023 despite missing three games.

Dolphins general manager Chris Grier said in April that the team felt good about where things were with Waddle’s extension. He laughed off the idea that Miami should consider trading Waddle and reaffirmed the team’s commitment to keeping him around long term.

“No, as I said in the middle of the season, I have no thoughts of trading Jaylen Waddle,” Grier said in February. “We want him here for a long time, and we think he’s a big part of our now and our future here. He’s a great person on and off the field, and we still think, as good as he is, he still has runway to keep getting better.”