Darren Waller trade grades: Dolphins make unexpected gamble to replace Jonnu Smith as Giants unload veteran TE

No one foresaw this one

The Miami Dolphins made a surprise move on Monday by dealing both Jalen Ramsey and Jonnu Smith to the Pittsburgh Steelers, reuniting with All-Pro safety Minkah Fitzpatrick in the process. The AFC East squad got even more unconventional a day later, luring former Pro Bowl tight end Darren Waller out of retirement.

Waller, who turns 33 in September, was acquired via trade from the New York Giants along with a conditional 2027 seventh-round draft pick in exchange for a 2026 sixth-rounder.

Waller recently reaffirmed his abrupt retirement from the NFL, which he announced last summer, but apparently had a change of heart even more recently. The one condition for his return, per NFL Media, was an opportunity to play for the Dolphins, who began seeking tight end help after dealing Smith.

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Waller's return is certainly surprising, given his admitted lack of passion for the game after a one-year stint with the Giants in 2023. But might the former Las Vegas Raiders star find new life catching passes from Tua Tagovailoa in Miami? Should the Dolphins be applauded for this unexpected gamble?

Here are our instant trade grades for the Darren Waller deal:

Miami Dolphins: B

You can debate whether the Dolphins got fair value for Jalen Ramsey and Jonnu Smith in their blockbuster trade with the Steelers, robbing Tua Tagovailoa of arguably his sturdiest 2024 pass target. You can also debate whether Waller has enough in the tank to hold up as a similar safety valve; the former Pro Bowler hasn't played a full NFL season in five years, and he openly lamented that the Giants asked him to prioritize blocking during portions of his one-year run in New York.

Dolphins head coach Mike McDaniel has helped oversee some big years from veteran tight ends in both Miami and San Francisco, however, and for the price of a late-round pick swap, with Waller set to play on a one-year, incentive-laden contract, it's hard to fault the Dolphins for taking the swing. Maybe the year away from the game will actually have Waller slightly refreshed for more pass-catching volume.

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New York Giants: C+

This is a classic case of getting what you can for a damaged asset. In fact, it's a step further: getting something for a nonexistent asset, seeing as Waller was not going to come out of retirement to play for the Giants again. Accordingly, it's fine to congratulate New York on unloading the veteran's remaining contract in exchange for a slight upgrade in late-round draft capital. Still, we're talking about a sixth-round pick in return for a guy who originally cost the Giants a conditional third-rounder, then proceeded to start a grand total of 11 games in New York.

This trade does little for the 2025 Giants, if only to let general manager Joe Schoen fully release the failed Waller gamble from his mind. But what are you gonna do? The page was turned on the Waller chapter the minute he hung up the cleats last summer, and even then, he wasn't guaranteed to be back. So chalk this up to a fine and surprising, if unspectacular, deal for Big Blue.