The NFL's wide receiver market shifted again Saturday as the Miami Dolphins restructured Tyreek Hill's contract, reportedly giving the All-Pro the highest amount of guaranteed money ever at the position.
Hill's new deal doesn't add more years to the extension he signed in 2022, ESPN's Adam Schefter reported, citing a source, but the restructured contract is worth $90 million over the next three years with $65 million of it guaranteed, and the $106.5 million in updated fully guaranteed money is the most-ever for a wide receiver, per Schefter.
Meanwhile, the 49ers and Brandon Aiyuk have yet to reach an agreement on a contract extension for the receiver, who currently is engaged in a training camp "hold-in" after reportedly requesting a trade last month.
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As the situation remains unresolved, Hill is the latest wideout to receive a payday that offers a glimpse at what Aiyuk could earn, joining the likes of Justin Jefferson (four years, $140 million), Jaylen Waddle (three years, $84.75 million), Amon-Ra St. Brown (four years, $120 million), DeVonta Smith (three years, $75 million) and A.J. Brown (three years, $96 million), among others, as receivers to get a bag this offseason.
Hill is the undisputed powerhouse of Miami's offense since the Dolphins acquired him in a 2022 trade with the Kansas City Chiefs, leading the NFL with 3,509 yards since then while commanding 30.7 percent of his team's targets (h/t ESPN). Hill recently earned the No. 1 spot on the NFL Top 100 list after racking up 1,799 receiving yards and 13 touchdowns last season, both the most in the league, and an NFL-best 112.4 receiving yards per game.
While Hill's deal likely won't impact Aiyuk's negotiations with San Francisco much, the massive amount of guaranteed money included for Hill could further slow the 49ers' talks and made the position's market that much more lucrative.
Aiyuk posted 1,000 plus-yard performances in each of his last two seasons — 1,015 in 2022 and 1,342 in 2023. He also was voted NFC Offensive Player of the Week for his eight-reception, 129-yard and two-touchdown performance in the 49ers' Week 1 win over the Pittsburgh Steelers, helping him earn Second-Team All-Pro honors for the first time in his professional career.
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Despite his production, the 49ers face hurdles in signing Aiyuk to a long-term deal. And while the 49ers receiver reportedly wants to surpass St. Brown's $28 million-per-year contract, a figure that high seems unlikely given its proximity to Hill's new deal.
But the longer San Francisco waits -- with Aiyuk watching from the practice sideline -- the most complicated things become.
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