The most pressing spreadsheet in Miami Gardens doesn't belong to an accountant; it belongs to new General Manager Jon-Eric Sullivan. As the Miami Dolphins embark on their 2026 offseason, they do so from a position of significant financial strain. According to OverTheCap.com, the Dolphins are projected to be $17.6 million over the 2026 NFL salary cap, a stark reality that will define every transaction for Sullivan and Head Coach Jeff Hafley.
This deficit puts several high-profile veterans under the microscope. The contracts of quarterback Tua Tagovailoa and wide receiver Tyreek Hill account for a colossal portion of the team's cap. Tagovailoa's deal includes $54 million fully guaranteed for 2026, resulting in a cap hit approaching $56.4 million. Hill, whose 2026 season is in question due to his severe 2025 knee injury, carries a cap hit of roughly $51.9 million. These two figures alone create a challenging puzzle for the front office.
The pathways to compliance are painful but necessary. The Dolphins will likely explore several avenues:
- Contract Restructures: Converting base salary into signing bonus to spread cap hits into future years. This provides immediate relief but mortgages the future, a risky move for a team in a "soft rebuild."
- Straight Releases: Designating a player as a post-June 1 cut can spread dead money over two seasons. This could be a possibility for veterans with high cap numbers but uncertain on-field futures.
- Trades: The rampant speculation around Tagovailoa, Hill, and Jaylen Waddle is fueled directly by this cap crisis. Moving any of these players would generate significant cap savings but would also signal a dramatic roster tear-down.
The cap situation directly influences the team's strategy in free agency, forcing them to target "cost-effective" role players, particularly at a need position like tight end, rather than splashy stars. Every dollar saved from a veteran's contract is a dollar that can be used to retain younger talent or sign a bridge player. The decisions made by Sullivan in the coming weeks—whether to restructure, release, or trade—will not only get the Dolphins under the cap but will also loudly declare the true direction and timeline of the Hafley era.