The Miami Dolphins are currently piecing together the final bits of strategy to open their 2021 offseason — all while facing the challenge of boosting their roster across multiple fronts in their bid to build the most complete roster possible. For Miami, this proposition is a touch more challenging than initially planned on account of the reduced 2021 salary cap due to revenue sharing losses from the 2020 season.
Miami is still in a much healthier place than many other teams — but they’ll still need to be strategic with how they allocate their cap space for the coming season.
One such underrated strategy to save themselves some cap space can be tied back to the 2021 NFL Draft and, more specifically, trading down from the No. 3 pick overall. Yes, Miami has a chance to secure a blue chip player, but the demand for quarterbacks may prove too temping for Miami as they look to explore all options and field calls for the No. 3 pick.
How would a trade down help the Dolphins’ cap?
That depends on how far the team plans on trading down. Current projections for the 2021 NFL Draft rookie wages can be found thanks to Over The Cap — and the price tag on the 2021 cap for owning the No. 3 overall pick is hefty.
According to Over The Cap, Miami’s expected cap hit for the No. 3 overall pick is $6.201M and a contract in total that equals 4-years, $34.105M plus a 5th-year option for the club. That isn’t a small number and would be the Dolphins’ 9th-biggest cap hit of the 2021 season behind:
- CB Byron Jones – $16.1M
- CB Xavien Howard – $13.5M
- WR DeVante Parker – $12.11M
- IOL Ereck Flowers – $10M
- DE Shaq Lawson – $9.83M
- DE Emmanuel Ogbah – $7.5M
- FS Bobby McCain – $7.14M
- QB Tua Tagovailoa – $6.88M
But that number isn’t set in stone and the Dolphins can secure much more wiggle room if they do indeed trade down and add more picks. If the Carolina Panthers came calling about a trade for the No. 3 pick to draft a quarterback of their choosing, Miami would net some cap savings, especially if they’re able to parlay picks into the future and subsequently draft players this year who can replace a handful of expensive players.
Carolina, for example, would have to send picks No. 8 & 39 overall in any trade with the Dolphins at a minimum, plus a future 1st-round pick. The cap charges for those assets?
- No. 8 overall: $3.838M
- No. 39 overall: $1.525M
- 2022 1st-round pick: Zero hit against 2021 cap
The savings of this root trade would be just short of $800k against the 2021 salary cap. But if the Dolphins could draft an extra player at No. 39 overall, say a safety or additional wide receiver, the door would be open for Miami to subsequently transition away from Bobby McCain ($5.659M in savings if traded/cut) or Albert Wilson/Jakeem Grant ($5.737 in combined savings if both cut).
The gains are even more notable the further Miami is willing to slide down in the order. Suppose the San Francisco 49ers at pick No. 12 are desperate to leap up in the order and offer Miami a “godfather deal” — one they can’t refuse. San Francisco’s projected cap allocations for their significant picks is as follows:
- No. 12 overall: $3.105M
- No. 43 overall: $1.435M
- No. 103 overall: $870k
Miami could return a top-12 pick and return additional picks in both the 2nd- & 3rd-rounds of 2021 plus presumably add multiple early round picks for 2022 (at least a 2022 1st-round pick plus another premium pick of either a 2023 1st-round pick or a 2022 2nd-round pick) for the same financial savings that a trade to pick No. 8 with Carolina would net. And again, the waterfall effect of drafting more high-quality players early this year and the savings opportunities that could open for Miami to transition away from players currently on the roster will be even more impactful.
The Dolphins will have to weigh out all of their options. But one thing we do know is that the Dolphins, should they have all of these picks headed into the 2021 NFL Draft, will have plenty of factors contributing to their decision making process; including the cap.