The Denver Broncos got Bo Nix a speed threat in the form of Jaylen Waddle, but it came at a premium price.

Denver will not be selecting in the first round of the 2026 NFL Draft after sending their pick to the Miami Dolphins in the Jaylen Waddle trade. The Broncos gave up a whole lot more for a player they hope can be a trusted WR1.

Denver received: WR Jaylen Waddle, 2026 fourth-round pick (No. 111)

Miami received: 2026 first-round pick (No. 30), 2026 third-round pick (No. 94), 2026 fourth-round pick (No. 130)

Waddle, a former first-round pick, opened his career with three consecutive 1,000-yard seasons but has underwhelmed the last two campaigns.

Waddle's decline coincided with Tua Tagovailoa's, so it's hard to accurately assign blame. But the point is Waddle didn't get the job done. Tyreek Hill playing substantially better than Waddle when the two shared the field didn't help the perception.

Still, there's reason for Denver fans to hope. Waddle is only 27 and hasn't had a quarterback who can launch the deep ball quite like Nix throughout his professional career. Sean Payton is also known to get the best out of his No. 1 wide receivers, moving them into the slot and around the formation to maximize their opportunities.

Waddle often looked like an afterthought in Miami. He simply cannot be that for Denver to justify its win-now move to acquire him.

This article originally appeared on For The Win: Why don't Broncos have first-round pick in 2026 NFL Draft?