The Miami Dolphins are currently working on the final bits of the strategy to open their 2021 low season – as they face the challenge of strengthening their roster on multiple fronts in their effort to put together as complete a roster as possible. For Miami, this proposition is a tad more challenging than initially planned due to the reduced salary cap for 2021 due to losses in revenue sharing from the 2020 season.
Miami is still in a much healthier place than many other teams, but they will still have to be strategic about allocating their cap space for the upcoming season.
One of those underrated strategies for saving oneself some cap space can be traced back to the 2021 NFL Draft and, more specifically, trading in the No. 3 pick in general. Yes, Miami has a chance to get their hands on a blue chip player, but the demand for quarterbacks may prove to be tame for Miami if they want to explore all of the options and field calls for the third choice.
How would a trade down the dolphins’ cap help?
That depends on how far the team intends to act. The current projections for 2021 NFL Draft rookie wages can be found thanks to Over The Cap – and the price tag on the 2021 cap for owning the # 3 overall pick is hefty.
According to Over The Cap, Miami’s anticipated cap hit for the # 3 overall pick is $ 6.201 million and a contract in total equivalent to 4 years, $ 34.105 million plus a 5th-year option for the club. That’s not a small number and would be the Dolphins’ 9th biggest cap hit of the 2021 season:
- CB Byron Jones – $ 16.1 million
- CB Xavien Howard – $ 13.5 million
- WR DeVante Parker – $ 12.11 million
- IOL Ereck Flowers – $ 10 million
- DE Shaq Lawson – $ 9.83 million
- DE Emmanuel Ogbah – $ 7.5 million
- FS Bobby McCain – $ 7.14 million
- QB Tua Tagovailoa – $ 6.88 million
But that number isn’t set in stone, and the dolphins can get a lot more wiggle room if they do indeed trade and add more picks. If the Carolina Panthers came calling about a trade for the No. 3 pick to draft a quarterback of their choice, Miami would bring in some cap savings, especially if they are able to play picks in the future and then this year to attract players who can replace a handful of expensive players.
For example, Carolina should send a minimum of No. 8 & 39 overall in any trade with the dolphins picks No. 8 and 39, plus a future 1st round pick. The limit for those assets?
- No. 8 overall: $ 3,838 million
- No. 39 in total: $ 1,525 million
- 2022 1st round pick: zero hit against 2021 cap
The savings from this carrot trade would be just under $ 800,000 from the 2021 salary cap. But if the Dolphins could line up an additional player at number 39 overall, say a safety or extra wide receiver, the door would be open For Miami to then move away from Bobby McCain ($ 5,659 million in savings if traded / cut) or Albert Wilson / Jakeem Grant ($ 5,737 in combined savings if both cut).
The gains are all the more remarkable as Miami wants to slide further down the order. Suppose the San Francisco 49ers are desperate to jump in the order at pick # 12 and offer Miami a “godfather deal” – a deal they cannot refuse. San Francisco’s expected limit allocations for their major picks are as follows:
- No. 12 overall: $ 3,105 million
- No. 43 in total: $ 1,435 million
- No. 103 in total: $ 870,000
Miami could return a top-12 pick and return additional picks in both the 2nd and 3rd rounds of 2021, plus presumably multiple early round picks for 2022 (at least one 2022 1st round pick plus another premium pick of a 2023 1st round ). round pick or a 2022 2nd round pick) for the same financial savings that a trade to pick # 8 with Carolina would yield. And again, the waterfall effect of attracting more high-quality players early this year and the savings opportunities that could open up Miami to move away from players currently on the roster will have an even greater impact.
The dolphins will have to weigh all their options. But one thing we do know is that if the Dolphins have all these choices on their way to the 2021 NFL Draft, they will have numerous factors that contribute to their decision-making process; including the cap.