NFL Trade Rumors: Miami Dolphins Extend Cornerback Jalen Ramsey

The Miami Dolphins have reset the cornerback market by the narrowest of margins. According to NFL Network's Ian Rapoport, the Dolphins have agreed to terms with three-time first-team All-Pro cornerback Jalen Ramsey on a three-year, $72.3 million extension.

The #Dolphins and All-Pro CB Jalen Ramsey have agreed on another huge extension, this time a 3-year, $72.3M deal to make him the highest paid CB in the NFL again(!), per me and @CameronWolfe.

The $24.1M per year deal was negotiated by @DavidMulugheta of @AthletesFirst. pic.twitter.com/nrmYQYpBDM
— Ian Rapoport (@RapSheet) September 6, 2024

The $24.1 million annual average of the deal makes Ramsey the NFL's new highest-paid cornerback, but just barely. He surpasses Denver Broncos cornerback Pat Surtain's $24 million per year, which Surtain earned via a four-year, $96 million extension signed earlier this week.

It's a fairly surprising and aggressive transaction by the Dolphins. They traded a 2023 third-round pick to acquire Ramsey from the Los Angeles Rams last offseason, and he started a mere 10 games last year in an injury-plagued season. He's also set to turn 30 years old this October and wasn't set to hit free agency until 2026.

Still, Ramsey clearly remained effective when available in 2023: he allowed a 51.1 passer rating on throws in his direction, his best mark since at least 2018. He also nabbed three interceptions and earned his seventh Pro Bowl.

The Dolphins likely observed the relative stagnancy of the cornerback market and decided to try to land a bargain with Ramsey. Making Ramsey the highest-paid defensive back in the league now instead of in 2026 when he hits free agency could theoretically save the Dolphins a nice chunk of change. For whatever reason, the way current NFL teams value cornerbacks is near an all-time low: 10 defensive linemen are earning more than Ramsey's $24.1 million annual average. Who knows how that could change in the years to come.

If Ramsey can maintain his current level of play for years to come, the Dolphins will have a very favorable contract on their books. Consistency can't be taken for granted, of course. Plenty of players decline steeply once they hit their thirties. The Dolphins are willing to bet Ramsey will be an exception. He's been exceptional his whole career, after all.