The Miami Dolphins made Tyreek Hill the highest-paid wide receiver in NFL history when they signed him to a four-year, $120 million extension after acquiring him in a trade with the Kansas City Chiefs in March of 2022. Fast forward to today and the receiver market has continued to experience significant growth. Hill's contract is now considered outdated, and an amendment is required.
Hill's contract remains tied for second among all wideouts from a total value perspective. Only Justin Jefferson and Davante Adams ($140 million apiece) are ahead, though CeeDee Lamb will soon join them via his impending extension. Hill's average annual earnings are more outdated. At $30 million per campaign, Jefferson ($35 million), A.J. Brown ($32 million), and Amon-Ra St. Brown ($32,002,500) have since surpassed that figure.
All of those aforementioned contract extensions were signed earlier this offseason. Hill will officially fall out of the top five of average annual earnings once Lamb's deal is finalized. Hill's representation will expect a swift response from Dolphins general manager Chris Grier.
Tyreek Hill says his top priority is becoming a Dolphins player for life. He will let his agent @DrewJRosenhaus handle it, but hopes they do contract restructure that helps the team & invests in him for rest of his career.
— Cameron Wolfe (@CameronWolfe) June 4, 2024
WR💰boom has top end of market $35M/year new money AAV. pic.twitter.com/H7pORODall
During his first year in Miami, Hill posted career highs in receptions (119) and receiving yards (1,710). In 2023, the Douglas, Georgia native elevated his game to new heights, becoming the first player in the Super Bowl era to surpass 1,000 receiving yards before the eighth game of the season. Hill concluded the campaign with a new career-high in receiving yards (a league-leading 1,799), matching the previous year's personal best in receptions (119) and tying for the league lead in receiving touchdowns with 13.
Hill recently commented on his contract status, saying, "I'm 30 years old, [and] also looking for a new deal. So, very, very excited to see where I fit into that category [of $30 million receivers]. It's amazing."
Hill is slated to earn $19.6 million in 2024. It's year three of his four-year contract, the final scheduled year that contains guaranteed money. That's another strong indication that extension discussions should be ongoing to update his compensation to be in line with receivers of his caliber.
Negotiations will be complicated. The Dolphins recently signed Hill's running mate Jaylen Waddle to a three-year, $84.75 million extension. They remain entrenched in talks with franchise quarterback Tua Tagovailoa, who is expected to earn more than $50 million annually once his deal is signed. The Dolphins are currently scheduled to be $9 million over the 2025 cap, according to Over The Cap, and the Tagovailoa extension will further complicate matters.
There's also Hill's advancing age to consider. The five-time First-team All-Pro selection turned 30 in March, and the Dolphins should be weary of spreading guaranteed money across multiple future years. It's no wonder Hill is anxious to sign a lucrative extension.
Regardless, Hill has outperformed his contract, and until his age negatively impacts his on-field play, he possesses leverage. The Dolphins should update his contract via a short-term extension that adds more guaranteed money and increases the remaining annual average to between $32 and $34 million. Grier has several deals to navigate soon and Hill's contract could provide another headache.
