Why the Dolphins franchise-tagged Jarvis Landry and what it means for the WR free agent market

In four years with the Dolphins, Jarvis Landry helped establish Ryan Tannehill as a playoff quarterback and even made Jay Cutler look good for a stretch. That value wasn’t lost on Miami, who used its franchise tag to ensure it will hold on to its young star receiver for at least 2018, the team announced Tuesday.

The one-year pact means Landry will remain a Dolphin at a cost that equals the average annual pay of the league’s five most expensive wide receivers in 2018. That’s projected to be more than $16 million this year. It also gives Miami extra time to work out a long-term contract without interference from other teams — or players trying to recruit him.

That means a windfall for the four-year veteran. Landry made less than $3.5 million on his rookie contract. He’ll make nearly four times that in 2018 alone, assuming he doesn’t come to a massive deal with the franchise that could include more than $30 million in guarantees.

It’s a high cost, but the young playmaker has proven his worth by exceeding expectations throughout his career. Landry’s 112 receptions led the league last season, and he’s averaging a 100-catch, 1,000-yard season for each year he’s been in the NFL. He’s still just 25 years old, and the Dolphins will look to keep him in Miami throughout his athletic prime.

Miami has several needs to address after backsliding to a 6-10 record last fall, but wideout won’t be one of them. Landry heads up a depth chart that includes Kenny Stills and DeVante Parker, a trio that can run opposing secondaries ragged. They’ll team with a hopefully healthy Tannehill in a quest to lead the Dolphins to the postseason for just the second time since 2009.

But locking down Landry will affect the team’s efforts to rebuild. The Dolphins were pushed tight against the salary cap before doling out big money to their star receiver, with less than $6 million in spending room slated for 2018 even before signing their upcoming draft picks. Handing out another big contract means some restructuring is on the horizon, and players like Julius Thomas, Ja’Wuan James, and Bobby McCain could all be cut thanks to their limited lingering dead cap hits for the upcoming season.

Yes. Landry has been the linchpin of a deep group of receivers in south Florida, turning Tannehill into a legitimate NFL starter in the process. Landry’s proven track record of production would have made him one of the most desirable free agents for 2018.

If Miami didn’t pay Landry, someone else would have. His output is similar to what Wes Welker gave the Patriots in his prime. The Dolphins let Welker go for a second-round pick back in 2007; they weren’t about to let another budding wideout slip through their hands, even at a prohibitive cost.

Landry getting the tag takes one wide receiver off the free agent market. There’s a chance that we could see Sammy Watkins and Allen Robinson getting the tag as well, which would make for a rather weak free agent class at the position.

That would leave the likes of Terrelle Pryor, Mike Wallace, Donte Moncrief, and Eric Decker as some of the best receiving talent available on the open market. Calvin Ridley is considered the prize wideout in the draft, and beyond him, it’s a wide margin.

For the previously mentioned free agent wide receivers, that could mean more money in a dry market. That’s good news for those players.

But that’s not good news for teams parched at the position.