Second Down: The Dolphins’ Meandering Start to a Rebuild

New general manager Jon-Eric Sullivan arrived in Miami with a metaphorical mop and bucket in hand.

The mess Sullivan inherited isn’t one the Dolphins were ever going to fix in one offseason. Before the new NFL league year began, Miami sat with just $11.7 million in cap space, despite the salary cap rising above $300 million for the first time.

Through the offseason’s first two weeks, Sullivan avoided the temptation to follow the New Orleans Saints’ footsteps into an extended stay in Salary Cap Hell, by releasing Tyreek Hill, trading Jaylen Waddle to the Denver Broncos for a package that includes a first-round pick in next month’s NFL Draft, while signing top free agent quarterback Malik Willis to a modest and team-friendly contract but claiming emergent star running back D’Von Achane is untouchable in trade talks.

Sure, Sullivan is jamming a historic $182.3 million in dead money onto 2026.

But, rather than spending multiple seasons meandering their way towards trying to be competitive while rebuilding, Miami gets to step out of the darkness and into the light in 2027 with a projected $148.2 million in cap space.

Next offseason, only the Arizona Cardinals and New York Jets are projected, at this point, to have more spending flexibility than Sullivan and the Dolphins.

“This is a makeover,” a rival AFC Front Office Executive tells Between The Hashmarks, of the Dolphins’ moves so far.

Trading Waddle for draft capital rather than holding him, or insisting on adding a proven contributor in return, tells you everything about how Sullivan views this rebuild … he’s not patching holes, he’s stockpiling ammunition.

Sure, Sullivan could use one of those first-round picks on Carnell Tate, or even use both to trade up for the Ohio State wide receiver. Tate offers the blend of explosiveness and route-running ability to replace what Waddle brought to the offense, while resetting the financial clock at the position.

More likely, though, Sullivan prioritizes positional value and adding as much blue-chip talent across the roster as possible, building the kind of depth that sustains a contender rather than patching the most visible hole first.

Sullivan and new Dolphins head coach Jeff Hafley, the Packers’ former defensive coordinator, were able to leverage their prior knowledge and relationship with Willis to sign the most coveted quarterback of this offseason. Then, Miami added some affordable speed by signing wide receiver Jalen Tolbert, some reliable veteran hands, thanks to inking Tutu Atwell to a deal, before bringing back emerging tight end Greg Dulcich.

“It looks like they’re trying to salvage guys that they think will be part of the program in two years,” the executive explains. “This is a reset. This is time to take inventory, to try to compete and get past cap hell ASAP.

“The one thing they have right now is the benefit of time. The clock just started.”

It might not even have, yet.

While Willis should benefit from Achane’s presence in an offense built around running the football, where he thrived in Green Bay, the Dolphins have a competent quarterback over at least the next two seasons to stabilize the offense, evaluate the weapons around him, and see what needs to be added before drafting a quarterback high either next spring or in 2028.

Given that Hafley followed Sullivan from Green Bay, there is obviously alignment in how this organization plans to build from here, an acknowledgement that it isn’t going to happen overnight. There’s a vision for the type of player on both sides of the ball to build around, through the next three draft classes, and a bounty of capital to spend in the years ahead.

The Dolphins aren't trying to win in 2026. They're trying to make sure that whenever they are ready to win, they haven't wasted the years in between, or spent them foolishly trying to plug holes today at the expense of sustained success tomorrow.

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