Tua Tagovailoa, The 99.2 Million Dollar Man

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MIAMI GARDENS, FLORIDA - DECEMBER 21: Tua Tagovailoa #1 of the Miami Dolphins waves to fans after his team's 45-21 loss against the Cincinnati Bengals at Hard Rock Stadium on December 21, 2025 in Miami Gardens, Florida. (Photo by Carmen Mandato/Getty Images)

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INGLEWOOD, CALIFORNIA - NOVEMBER 17: Joe Burrow #9 of the Cincinnati Bengals and Justin Herbert #10 of the Los Angeles Chargers embrace following the game at SoFi Stadium on November 17, 2024 in Inglewood, California. (Photo by Harry How/Getty Images)

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Tua Tagovailoa was the fifth overall pick of the 2020 NFL Draft by the Miami Dolphins. Cincinnati Bengals’ quarterback Joe Burrow was the number one pick. And the Los Angeles Chargers quarterback Justin Herbert was the sixth overall pick. While Burrow and Herbert remain with the teams that drafted them, the Dolphins announced on March 9 that they are releasing Tagovailoa, damn the cost.

Contracts​

Both Burrow and Herbert signed contract extensions in 2023. Burrow signed a five-year extension with the Bengals for $275 million. His average salary is $55 million per year. Burrow’s signing came with a $40 million signing bonus and includes $219.01 million in guarantees.

Herbert’s 2023 extension with the Chargers was for $262.5 million with a $16.1 million signing bonus. His average salary is $52.5 million, and he has $218.7 in guaranteed money.

Here is a list of the quarterback contract rankings for 2026.

Tagovailoa​

Tagovailoa signed a four-year extension in 2024. The 212.4 million extension included a $42 million signing bonus. His annual salary was $53.1 million, which included $93,171,000 in guaranteed money. And this is where we are at.

The $99.2 Million​

The Dolphins' decision to release Tagovailoa cost them an NFL record $99.2 million in dead money against the salary cap. Let that sink in. The Dolphins decided they would rather pay Tagovailoa $99.2 million to not play for them. To be fair, they would have had to pay him the guarantee plus his annual salary if they decided he should remain a Dolphin.

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MIAMI GARDENS, FLORIDA - JANUARY 22: Miami Dolphins General Manager Jon-Eric Sullivan, Miami Dolphins owner Stephen M. Ross, and Head Coach Jeff Hafley pose for a photo during a press conference at Baptist Health Training Complex on January 22, 2026 in Miami Gardens, Florida. (Photo by Carmen Mandato/Getty Images)

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So by releasing Tagovailo with a post June 1 designation, the Dolphins still have to pay the record $99.2 million, but now they can spread out the cost. So, they will pay $67.4 million this year and $31.8 million next year.

But there is more…the Dolphins picked up Tagovailoa’s $15 million option bonus. What this allowed them to do (per spotrac.com) is to carry his $56.2 million cap hit into June. So, for this year, the Dolphins will take on the most ever dead cap hit, paying $55.4 million. Next year, the dead cap hit will be $43.8 million.

This gives the Dolphins more cap space this year and allows a reset of sorts. Like signing quarterback Malik Willis to a three-year $67.5 million contract with a $22.5 million signing bonus and $45 million in guaranteed money.

Tagovailoa​

Tagovailoa was the first quarterback to sign during the 2026 free agency period. He announced his intention to sign with the Atlanta Falcons before he was officially released by the Dolphins. Structurally, it didn’t matter; everyone knew his release was imminent.

Tagovailoa’s contract with the Falcons is for one year under the veteran minimum of $1.215 million with no signing bonus and no guaranteed money.

Veteran Minimum​

Think Russell Wilson and the Pittsburgh Steelers by way of the Denver Broncos. Or Kyler Murray and the Minnesota Vikings by way of the Arizona Cardinals. When these players sign on with the veteran minimum, they are what Logan Ryan, on his podcast, NFL IQ w/ Cynthia Freulund, so eloquently put it, “sticking it to their former teams”. Because whatever their contract is with the ‘new team’ is subtracted from what the former team owes them. By taking a veteran minimum, the majority of the money owed still comes from the former team.

Tagovailoa, the 99.2 Million Dollar Man​

Now Tagovailoa will compete with Michael Penix Jr. for the starting job in Atlanta. Penix suffered a torn ACL in late November. ( This is Penix’s third ACL tear; two were on the other leg). The team has made it clear that this is a quarterback competition.

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ATLANTA, GEORGIA - NOVEMBER 16: Michael Penix Jr. #9 of the Atlanta Falcons takes his helmet off on the field during the third quarter against the Carolina Panthers at Mercedes-Benz Stadium on November 16, 2025 in Atlanta, Georgia. (Photo by Jonathan Bachman/Getty Images)

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The Falcons (although they owe Kirk Cousins $35 million in his guaranteed money after releasing him) now have a quarterback on a rookie deal and a quarterback being paid the veteran minimum.

Even so, Tagovailoa is raking in $99.2 million from the Dolphins over the next two years to not play for them but to play for another team; that’s what guaranteed money does for you.

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