The Denver Broncos could have been complacent this offseason, content that a healthy Bo Nix would have led them to a Super Bowl and could do so again in 2026.
Instead, they made perhaps the biggest splash of the offseason, trading their first-, third-, and fourth-round picks in the 2026 NFL Draft for Miami Dolphins wide receiver Jaylen Waddle and a fourth-round pick. The move shifts the balance of power in the AFC not only for Denver but also for its biggest competitors.
Why the Buffalo Bills Are the Biggest Losers of the Jaylen Waddle Trade
Among the teams scorned by the Waddle move are the Buffalo Bills. Sure, they won’t have to cover him in their two divisional contests every season, but he’s still on the schedule for 2026, and Buffalo may have to go through Denver in January.
That, combined with the opportunity cost of such a star, is bad news for the Bills. On “First Take,” Stephen A. Smith explained why Buffalo was the biggest loser of the Waddle sweepstakes.
“My answer to this question, believe it or not, Kimberly, is the Buffalo Bills,” Smith said. “That’s what came to my mind. Because I keep thinking about how they had a chance to get Waddle. Remember when they were negotiating before the trading deadline, and the report stated that Miami wanted a first-round pick in 2026, this year’s NFL Draft. Buffalo wasn’t willing to give up anything before 2027.
“And I’m like how do you pass up on getting Josh Allen Jaylen Waddle. How do you pass that up? So it’s a simple question, we can deduce it. The Buffalo Bills squad that you saw lose 33-30 in overtime to the Denver Broncos, could you have won that game if you had Waddle? I think so.”
Who’s the biggest loser in the Jaylen Waddle trade: Dolphins or Broncos?@stephenasmith gives a different answer 👀 pic.twitter.com/f5doHgxgR2
— First Take (@FirstTake) March 18, 2026
Three picks are a hefty price for a receiver on an $84.75 million deal, but Waddle raises the ceiling of Denver’s offense and helps a passing game that might be due for some regression.
“Now you let them get Jaylen Waddle,” Smith said. “This is how I’m looking at it. Buffalo and Denver are two elite teams in the AFC, and I think you let the other team get Jaylen Waddle instead of getting him yourself.”
In 2025, Waddle ranked 22nd among 112 qualified receivers in PFSN’s NFL WR Impact Metric. Despite two consecutive seasons below 1,000 yards, there’s little debate about his merits as a top receiver. With an upgrade in quarterback play, he’s in store for a big 2026 season.
Of course, Buffalo may not have been in the latest stages of the Waddle sweepstakes. At the turn of the league year, the Bills traded a second-round pick for a fifth-round pick and Chicago Bears receiver DJ Moore, who ranked 73rd by that same metric. That type of commitment likely ended the Bills’ hopes of adding another top-end receiver.
Still, those decisions aren’t made in a vacuum. Smith argued that Buffalo should have pounced at the deadline when they had the chance, rather than settling for a different receiver in March.
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“I consider Waddle better than DJ Moore,” he added. “I know DJ Moore has a greater upside. But I’m looking at Jaylen Waddle, and I’m saying… You don’t let somebody like that get stronger.”
With Allen under center, the Bills will remain Super Bowl contenders, and Moore provides an upgrade over last year’s receiving corps. Even so, the Waddle move remains a stone left unturned by a Buffalo front office that is yet to give its quarterback the roster he deserves.
