Wolfe characterized the relationship as a “marriage” that “has essentially dissolved” and cites “salary cap relief” as the reason for the delay. Ramsey is guaranteed $24.235 million this season and although the Dolphins would have to take on $30.98 million in dead money with a post-June 1 release, they would also save $14.3 million, per Over The Cap. Were they to trade Ramsey after June 1st, the dead money drops to $6.745 million while the savings settle at $9.9 million. Sports Illustrated’s indicates that the Dolphins will likely have to eat extra cash to facilitate a trade but the significant dead money reduction helps them meet another team in the middle.

The Dolphins “will lose $8.5 million in cap space” if they trade Ramsey during the 2025 NFL Draft, but they “will save $9.9 million” if they wait to trade him until after June 1st. Kelly notes that the Dolphins’ incoming rookie class is expected to account for “roughly $5 million” of the team’s $16.5 million in cap space. Losing $8.5 million in Ramsey’s theoretical draft-day trade significantly impedes GM Chris Grier’s ability to plug roster holes via post-draft free agency. The Dolphins could seek “a deal now that involves multiple players,” allowing for salary cap flexibility. At present, a post-June 1 trade does make the most sense, though.

“There’s a lot of layers that would need to be worked out with a player of his magnitude... but you would never eliminate the possibility of adding a total stud,” McVay continued. Both McVay and Rams GM Les Snead seemed open to the idea, but as they’re well aware, adding Ramsey also might mean committing a new contract to him as well as winning a bidding war for his services. The Raiders and Falcons were tied to Ramsey by Jonathan Jones last week, and it wouldn’t be surprising if Ramsey was dealt on draft day.

Jones believes Ramsey has been known to be available since the NFL Combine and that Miami going public with it is an attempt to raise up a bigger trade market. It’s not surprising that a cornerback entering his age-31 season with a large recent extension isn’t going to return a major draft pick. Ramsey played well in 2024, with a 71.9 PFF coverage grade and a 76.9 overall rating. Still, he’s not likely to fetch more than a third-round pick in a trade.