The deal includes $76 million guaranteed and keeps Waddle under contract through the 2028 season. The person spoke on condition of anonymity because the contract details have not been announced.
Waddle will now become one of the highest-paid receivers in the NFL after three productive seasons to start his pro career.
Waddle, drafted sixth overall out of Alabama in 2021, had his third straight 1,000-yard receiving season in 2023. He set a rookie record with 104 catches in 2021, along with 1,015 yards and six touchdowns. He followed that with a career-best 1,356 yards in 2022, averaging a league-high 18.1 yards per catch.
Even as Miami's No. 2 receiver the past two years behind Tyreek Hill — last season's NFL receiving yards leader — Waddle's 3,385 career receiving yards rank 13th in the NFL since 2021.
Locking in Waddle long term had been a priority for the Dolphins all offseason. General manager Chris Grier has repeated that the team wants to keep Waddle in Miami and said in April that the Dolphins intended to pick up the fifth-year option on his rookie deal.
Waddle's extension comes as Tua Tagovailoa waits on a new deal that could push the salary of Miami's starting quarterback to somewhere around $50 million annually. Tagovailoa is entering the final year of his rookie deal and will play under a $23.1 million fifth-year option if the two sides can not reach an agreement on an extension.
Both Tagovailoa and Waddle were part of a Dolphins team that led the NFL in total offense (401.3 yards per game) and passing offense (265.5) and finished second in yards per play (6.5) and red zone offense.