The interesting thing the Dolphins did with their free agent pickups and the consequences
Two things have become very clear about the Dolphins during the first few weeks of free agency:
1). The organization was determined not to take on a lot of guaranteed money beyond this season. And nearly every deal they’ve struck so far helps them achieve that goal.
2). They’ve been diligent about achieving low 2024 cap numbers for nearly everyone they’ve signed, a strategy borne out of necessity.
That’s a big reason why they woke up today with $4.8 million in cap space after standing more than $50 million over the cap just four weeks ago.
I found this incredible: Of the 12 external players signed by Miami, none has a 2024 cap hit higher than $2.8 million.
That’s the good news.
Here’s the bad news: The Dolphins included void years in several of the contracts, meaning cap hits for players during years they’re no longer under contract.
As overthecap.com explains it: “Basically, the void year is a fake contract year used for the sole purpose of parking salary cap charges and when the contract expires whatever cap numbers are in those void years accelerate to the current season.”
So what the Dolphins seemed to be trying to achieve this offseason was signing a bunch of players to reasonable contracts, with some down-the-road cap commitments but very few real cash commitments beyond this upcoming season if the player doesn’t perform up to expectations.
Of the 12 external free agents signed by the Dolphins in recent weeks, only one - center Aaron Brewer - is guaranteed anything beyond the 2024 season. And his 2025 guarantee ($3.5 million) is modest.
Per overthecap.com, the Dolphins currently stand $35 million below the 2025 cap - about half of where it stood before free agency. But that number is misleading, because a ton can be cleared out by releasing players with no guaranteed money due beyond this season.
A large chunk of that cap space likely will be used on extensions for Tua Tagovailoa and extensions or fifth-year options for Jaylen Waddle and Jaelan Phillips and a potential new contract for Jevon Holland, who doesn’t have a fifth-year option because he wasn’t a first-round pick.
Here’s how the Dolphins have structured their deals early in free agency, per a league source who has seen the contracts, coupled with contracts obtained by overthecap.com and spotrac:
▪ Linebacker Jordyn Brooks: The Seattle linebacker got a three-year deal that could be worth as much as $30 million with incentives and potentially $26.25 million if no incentives are met.
But here’s the fine print:
The only fully guaranteed money is his $8.375 million signing bonus (which is prorated over three years on the cap) and his $1.125 million salary in 2024.
For 2025, his $7.81 million salary would be guaranteed only in the event of a significant injury. Of that salary, $6.5 million becomes guaranteed for 2025 if he’s on the roster on the fifth day of the league year next March.
For 2026, he’s due $7.815 million, but it’s not guaranteed. He also has incentives including for playing time and Pro Bowl appearances.
Realistically, he will likely be on the team in 2025, because if he’s cut after next season, his 2025 dead money cap hit ($8.2 million) would be nearly as much as the cap hit if he’s on the team ($10 million).
The Dolphins structured it this way so that his cap hit would be low in 2024 ($2.8 million) before jumping to $10 million each of the next two years.
But then there’s the thorny void year issue: Even after his contract has expired, he will have a $3.35 million cap hit in 2027.
▪ Center Brewer: His three-year, $21 million deal includes $10 million guaranteed. But for 2025, only $3.5 million of his $6.4 million base salary is guaranteed.
As was the case with Brooks, his cap number will be low in year one ($2.5 million) and then jump to $8.1 million in 2025 and 2026. And he will have a $2.2 million dead money void year charge in 2027, after his contract is over.
▪ Cornerback Kendall Fuller: This one is particularly notable, because the Dolphins snagged a good starting cornerback even with guaranteeing only $7.9 million of his two-year, $15 million contract.
None of his $6.4 million salary for 2025 is guaranteed, and his $8.3 million cap hit in 2025 would shrink to just $1.3 million if he’s cut after June 1, 2025. His $2.6 million cap hit this season is incredibly team-friendly.
The bad news: He will count $4 million against Miami’s cap in 2026, when he’s no longer under contract.
▪ Tight end Jonnu Smith: He had $3.96 million fully guaranteed in his two-year, $8.4 million deal. His base salary of $1.2 million this season is guaranteed.
None of his $3.5 million salary for 2025 is guaranteed, and his $4.6 million 2025 cap hit would drop to $550,000 next year if he’s designated a post-June 1 cut.
▪ Outside linebacker Shaq Barrett: He can make as much as $9 million, with $7 million guaranteed.
Miami kept his cap number low this season ($2.5 million) by creating a void year in 2025, when he won’t be under contract. But he has a $4.4 million cap charge in 2025, when he’s no longer under contract.
▪ Safety Jordan Poyer: He received a one-year, $2 million deal, as ESPN reported. And only $1 million is guaranteed.
▪ Linebacker Anthony Walker Jr.: He received a one-year, $1.37 million deal, but only $917,500 is guaranteed. He has a cap hit of $1.1 million.
▪ Special teams ace Siran Neal: He snagged a one-year, $1.95 million deal but only $650,000 is guaranteed. His cap hit is $1.9 million.
▪ Defensive tackle Neville Gallimore: He received a one-year deal for $1.79 million, and all of it was guaranteed.
▪ Defensive tackle Benito Jones: He landed essentially the same deal as Gallimore: one year for $1.79 million, all guaranteed.
▪ Defensive tackle Jonathan Harris: He got a one-year, $1.79 million deal, but only $625,000 is guaranteed.
▪ Offensive lineman Jack Driscoll: He was given a one-year, $1.79 million deal, with $900,000 of that guaranteed.
▪ Tight end Jody Fortson: He received a one-year, $1.225 million deal, with $425,000 guaranteed.
▪ Among Dolphins internal free agents who re-signed, only punter Jake Bailey received a multiyear deal, but his $1.9 million salary for 2025 is entirely non-guaranteed. Braxton Berrios, Robert Jones, Isaiah Wynn, Elijah Campbell, Salvon Ahmed, River Cracraft, Da’Shawn Hand and Nik Needham all received one-year deals.
A FEW OTHER NOTES
The Dolphins $4.8 million in cap space will mushroom to $23.3 million on June 1, when Xavien Howard’s contract comes off the books.
The Dolphins might use some of that space before June 1, particularly if they can agree to terms with wide receiver Odell Beckham Jr. Discussions continue on that front.
▪ There are numerous ways to create considerable space next offseason, to supplement Miami’s $36 million in cap space. A few examples:
Terron Armstead’s $22 million 2025 cap hit would shrink to $7.8 million if he’s cut with a post-June 1 designation next spring.
Jason Sanders’ $4.7 million 2025 hit would shrink to $731,500 if he’s a post-June 1 cut next spring.
Alec Ingold’s 2025 cap hit would drop from $4.9 million to $1.2 million if he’s cut. And there are others, including Fuller.
▪ The negative is that the Dolphins are piling up future dead money hits. Xavien Howard will cost $15.7 million on Miami’s 2025 cap, even while he likely plays for another team.
And void years will result in several million dollars of charges in future years as well.
But the Dolphins, from a financial standpoint, have accomplished their most pressing need: Find players - some good, some average - to fit under their 2024 cap after being in cap hell a month ago.
This story was originally published March 27, 2024 at 11:56 AM.
