The NFL rumor mill is heating up, and this time it’s the Miami Dolphins making waves. According to a report from Dov Kleiman on X, the Dolphins have been in talks with the Los Angeles Rams, Atlanta Falcons, Detroit Lions, Washington Commanders, and Philadelphia Eagles about a potential blockbuster trade for star cornerback Jalen Ramsey. The news, credited to insider Armando Salguero, comes as a bit of a shock given Ramsey’s status as one of the league’s premier defensive backs, but there’s a big catch holding things up: the financials. Miami would reportedly have to swallow $25.2 million in dead cap if the trade happens before June 1, 2025, which is making teams hesitant to pull the trigger.
Ramsey, a three-time All-Pro and seven-time Pro Bowler, has been a cornerstone of the Dolphins’ defense since they acquired him from the Rams in March 2023. At 31 years old, he’s still playing at an elite level, with 47 tackles, three interceptions, and 10 passes defended in 2024, despite missing some time with a hamstring injury. His ability to lock down top receivers and play multiple roles in the secondary—he’s lined up at outside corner, slot, and even safety under defensive coordinator Anthony Weaver—makes him a hot commodity for any team looking to bolster their defense. The Rams, who know Ramsey well from his 2017-2019 stint with them, could be looking to bring him back as they push for another Super Bowl run with Matthew Stafford. The Eagles and Commanders, both in the thick of the NFC playoff race, might see Ramsey as the missing piece to slow down high-powered offenses like the 49ers or Cowboys. Meanwhile, the Falcons and Lions, with young secondaries, could view him as a veteran leader to pair with rising stars like A.J. Terrell or Brian Branch.
But that $25.2 million dead cap hit is a real sticking point. For context, dead cap is money that counts against a team’s salary cap for a player who’s no longer on the roster—essentially, it’s the cost of moving on. If the Dolphins trade Ramsey before June 1, they’d be on the hook for that massive amount, which would severely limit their ability to sign free agents or extend players like Tua Tagovailoa, who’s entering the second year of his four-year, $212.4 million deal. Waiting until after June 1 would spread the cap hit over two years, making it more manageable, but it also means any interested team would have to wait, potentially missing out on other free-agent corners like Charvarius Ward or D.J. Reed, who’ll hit the market in March. It’s a classic NFL trade dilemma: do you strike now and take the financial hit, or hold off for a better deal down the road?
For the Dolphins, moving Ramsey would signal a shift in direction. They’re 5-6 as of late November 2024, struggling to keep pace in the AFC East with the Bills and Jets pulling ahead. Ramsey’s contract runs through 2026, with a $17.8 million base salary next year, but Miami might be looking to free up space to address other needs—like their offensive line, which has been a weak spot despite additions like Aaron Brewer and Jack Driscoll. On the flip side, Ramsey’s leadership and playmaking ability are hard to replace. He’s been a vocal leader for a secondary that includes young talents like Jalen Holland and Cam Smith, and his versatility allows Weaver to get creative with coverages. Trading him could give the Dolphins more cap flexibility, but it might also leave their defense exposed against the AFC’s elite receivers like Ja’Marr Chase or Stefon Diggs.
The teams in the mix all have their own reasons to pursue Ramsey. The Lions, sitting at 9-2, have the cap space—$37.4 million projected for 2025, per OverTheCap—and a need for a shutdown corner to pair with Carlton Davis, who’s a free agent next year. The Eagles, with $21.3 million in projected space, might want to bolster their secondary to keep pace with the Commanders, who’ve gotten a breakout year from rookie corner Mike Sainristil but could use a veteran like Ramsey to mentor him. The Falcons, at 6-5, have the cap room ($45.2 million) and a coach in Raheem Morris who knows Ramsey from their time together in L.A. The Rams and Commanders, with tighter cap situations at $14.8 million and $19.6 million respectively, might need to get creative with restructures, but both see Ramsey as a potential game-changer for their defenses.
This trade rumor is a fascinating look at the NFL’s high-stakes chess game. For the Dolphins, it’s about balancing the present and the future—keep a star like Ramsey to compete now, or trade him to build for the long haul? For the teams circling, it’s a chance to land a proven difference-maker, but only if they can navigate the cap gymnastics. One thing’s for sure: if Ramsey does get moved, it’ll send shockwaves through the league, reshaping secondaries and Super Bowl odds in an instant. Keep an eye on this one—it’s far from over.
