Broncos still third favorite in AFC West with Jaylen Waddle addition

Oddsmakers have been fairly tepid about Denver's prospects in 2026 despite last season's run to the AFC Championship Game, although they applauded Tuesday's report that the Broncos are acquiring wide receiver Jaylen Waddle from the Miami Dolphins.

Shortly after the news broke, DraftKings trimmed the Broncos' odds to win the AFC West next season from +240 to +230. That's still behind the Kansas City Chiefs (+165) and Los Angeles Chargers (+185), but light-years ahead of the Las Vegas Raiders (+2000). BetMGM has the Broncos at +200 to win the division, just behind the Chiefs and Chargers each at +180, while Caesars also still has Denver with the third-shortest odds in the AFC West.

DraftKings also shortened Denver's odds to win the AFC title from +1000 to +900, and its Super Bowl championship odds from +2000 to +1800. That leaves the Broncos tied for the sixth-shortest conference odds and tied for the 12th-shortest title odds at +1800 along with the reigning AFC champion New England Patriots.

Meanwhile, dealing Waddle continues a massive shakeup in Miami under first-year head coach Jeff Hafley. Along with the release of Tyreek Hill, the Dolphins' wide receiver room currently consists of Tutu Atwell, Jalen Tolbert, Malik Washington, Tahj Washington, Theo Wease Jr. and A.J. Henning.

The franchise is reportedly acquiring first-, third- and fourth-round selections from Denver while parting with a fourth-rounder. That leaves Miami with 11 picks in next month's draft, including seven of the top 94.

DOLPHINS DRAFT PICKS

Round -- Overall

1st -- 11

1st -- 30

2nd -- 43

3rd -- 75

3rd -- 87

3rd -- 90

3rd -- 94

4th -- 130

5th -- 151

7th -- 227

7th -- 238

Miami signed Malik Willis to take over for Tua Tagovailoa at quarterback, and the offseason moves to date signal a rebuild in South Florida.

DraftKings is offering the Dolphins last to win the AFC East at +2500 -- well behind the long-suffering New York Jets at +1600. Miami also has the longest odds to win the AFC championship at +1300, and is ahead of only Arizona at +25000 to win the Super Bowl.

Waddle will give Broncos quarterback Bo Nix another prime target in addition to two-time Pro Bowl receiver Courtland Sutton. Sutton led the Broncos in catches (74), receiving yards (1,017) and receiving touchdowns (seven) last season.

Waddle, 27, recorded 64 catches for 910 yards and six touchdowns in 16 games (all starts) last season for the rebuilding Dolphins. He is owed $68.6 million over the next three seasons.

Waddle has 373 receptions for 5,039 yards and 26 touchdowns in 78 career games (all starts) since being selected by Miami with the sixth overall pick of the 2021 NFL Draft.