Miami Dolphins sign WR Jalen Reagor

Jalen Reagor's one-year deal at $1.215M earns a C Contract Value Index (CVI) — a fair-value signing that checks the math but carries real downside risk for Miami. At that price point, the Dolphins are essentially paying replacement-level money for a depth receiver with a track record of inconsistent production and usage; this is neither a bargain nor an overpay in isolation, but rather the going rate for a veteran bounce-back candidate on a prove-it contract. The $1.215M total represents minimal cap burden and zero long-term commitment, which is smart roster construction during an offseason phase when Miami sits at 7-10 and needs competitive depth without cap mortgaging. However, the value proposition hinges entirely on Reagor delivering as a functional third or fourth option — if he remains a marginal contributor or fails to carve out a consistent role, the Dolphins will have simply filled a roster spot with a body rather than a productive asset, turning fair value into wasted opportunity. The one-year term limits downside exposure; Miami can walk away cleanly if the signing doesn't work, but the low salary also signals limited faith in immediate upside, making this a realistic cap-efficient hedge rather than a statement acquisition. For a team in rebuild mode needs, this deal represents smart discipline — not sexy, not a steal, but disciplined.