Miami Dolphins sign WR Caleb Douglas

The Dolphins' signing of Caleb Douglas earns a C+ Contract Value Index (CVI), a straightforward fair-value deal that reflects modest production at a modest price. At $1.79M AAV over four years ($7.17M total), this is a depth-piece contract in the contemporary receiver market—the kind of low-risk, low-ceiling investment that fills out a roster without straining cap flexibility or requiring future backfilling. For context, Douglas is being paid as a rotational or reserve contributor, not a primary target, and the contract structure allows Miami to walk away with minimal cap dead weight if the fit doesn't materialize. The value equation here is neutral: he costs what a depth receiver should cost, and if he produces at that level—occasional snaps, limited statistical footprint, situational role—the Dolphins break even on the bargain-versus-fair-value spectrum. The risk is minimal because the dollar commitment is modest and the term is long enough to absorb a disappointing year; the upside is equally capped, as this contract does not presume breakout production or elevated role. In a league where young receivers on rookie deals are priced and cap-space flexibility is scarce, a $1.79M receiver signing is functionally neutral value—neither a steal nor an albatross. This is the definition of a fair-market fill.