6:54pm: Like Adams’ Raiders contract, Hill’s deal being backloaded inflated the AAV. A nonguaranteed $43.9MM salary in 2026 bumped this contract over $30MM per year, Mike Florio of Pro Football Talk notes. Hill’s Miami extension is closer to a three-year deal worth $75MM. The Dolphins are giving Hill $52.5MM fully guaranteed at signing, and another $19.7MM — his 2024 base salary — will be guaranteed in March 2023. Like his lofty 2026 salary, Hill’s 2025 base ($21.8MM) is nonguaranteed. Even at $25MM per year, Hill’s contract compares favorably to Adams and Hopkins’ pacts for short-term value.
11:37am: It’s happening. On Wednesday, the Chiefs agreed to trade Tyreek Hill to the Dolphins (Twitter link via NFL.com’s Ian Rapoport). The deal will send a first-round pick and more to Kansas City, bringing one of the league’s most dynamic playmakers to Miami. 
The Dolphins will send a 2022 first-round pick, 2022 second-round pick, 2022 fourth-round pick, 2023 fourth-round pick, and a 2023 sixth-round pick to Kansas City in the deal (Twitter link via PFT). It’s a haul that’s somewhat similar to the trade that moved Davante Adams to the Raiders.
Hill will also ink a contract extension that will position him as the NFL’s highest-paid wide receiver, ahead of Adams, as agent Drew Rosenhaus tells Adam Schefter of ESPN.com (Twitter link). Once finalized, it’ll be a four-year, $120MM megadeal with $72.2MM guaranteed (Twitter link). SI’s Albert Breer adds (on Twitter) that extension talks between Hill and the Chiefs broke down because he wanted to top Adams’ deal, something that Kansas City “balked at”.
The ink has barely dried on Adams’ contract, a five-year, $140MM whopper that gave him $28MM/year, $22.75MM guaranteed at signing, and $42.9MM in effective guarantees. DeAndre Hopkins previously held the mantle at $27MM/year, Adams topped Hopkins at $28MM, and Hill is now the king of the mountain with $30MM per annum.
The Dolphins are now armed with Hill, Jaylen Waddle, Cedrick Wilson, Devante Parker, and Trent Sherfield at wide receiver, giving them one of the most talented WR units in the NFL. That should be plenty to keep defenses honest against quarterback Tua Tagovailoa and open up more running opportunities for Chase Edmonds, Raheem Mostert, and Myles Gaskin.
The Jets were also in talks to acquire Hill this week, and they were willing to give up the No. 10 overall pick in a package for him (Twitter link via Ralph Vacchiano of SNY). The Jets were also willing to give Hill a top-level extension, but, ultimately, the Dolphins had the winning bid. Schefter adds that New York made an offer of picks 35, 38 and 69 in exchange for Hill and No. 103 (Twitter link). He also states that the Chiefs were willing to accept it, had New York been Hill’s preferred destinaiton.
Kansas City, meanwhile, now has a massive hole to fill in their offense. Without the speed of Hill to serve as a compliment to Travis Kelce, their wide receiver room is in need of an addition. To that end, they already signed JuJu Smith-Schuster earlier in free agency, but his skillset is much different than Hill’s. Expected to target a wideout in this April’s draft as early as the first round (where the Chiefs now hold the 29th and 30th overall selections) before this trade, Kansas City now faces even more pressure to do so if they are to maintain their highly-productive passing game.
