Dolphins plan to exercise Tagovailoa’s 2024 option. What it means

The Miami Dolphins have informed quarterback Tua Tagovailoa that they’re exercising his $23.2 million team option for 2024, a source confirmed.

Exercising that option assures that Tagovailoa will make at least $23.2 million in 2024, regardless of what happens next season.

Even if Tagovailoa misses significant time with injuries or struggles next season, he will have a $23.2 million salary and cap hit in 2024.

The only way that Tagovailoa would make a salary higher than that in 2024 would be if the Dolphins give him a multiyear contract before the 2024 season.

Tagovailoa will make $9.5 million during the 2023 season, the final year of his four-year rookie deal, with a $9.6 million 2023 cap hit.

The Dolphins are gambling that Tagavailoa will build on this past season, when he posted an NFL-leading 105.5 passer rating, and will overcome the injury issues that sidelined him five games last season, including the playoff game.

Tagovailoa had at least two concussions last season, but the Dolphins are trusting doctors who tell them that he is not now prone to additional concussions.

If the Dolphins had not exercised the fifth-year option by the May 2 deadline for 2020 first-round picks, keeping Tagovailoa could have been considerably more costly in 2024. The franchise tag for quarterbacks in 2024 is projected to be $43 million, per overthecap.com.

The Giants’ experience with Daniel Jones shows the risk of not picking up the fifth-year option for a quarterback who flashes potential.

After the Giants bypassed exercising Jones’ fifth-year option by last May’s deadline, Jones had a good season and was given a four-year, $160 million contract this week.

That Giants’ deal for Jones could be worth $195 million with incentives, with $94 million guaranteed but a reasonable first-year cap number ($19 million).

If Tagovailoa is very good and stays healthy next season, the Dolphins could replace the option with a long-term deal with a 2024 cap hit lower than the $23.2 million fifth-year option.

And keep this in mind: Even if Tagovailoa misses games next season but is generally productive when he plays, there’s a good chance he would remain the best realistic quarterback option for 2024. That was one incentive to exercise the option.

The 2024 free agent quarterback class is neither great nor deep, assuming (and it’s safe to assume) that Joe Burrow, Justin Herbert and Jalen Hurts will either sign long-term contracts or have their fifth-year options picked up in the coming weeks. The Packers have a 2024 club option on Jordan Love, but they plan to move forward with him.

That would leave Kirk Cousins, Ryan Tannehill, Jameis Winston (who could be cut in the weeks ahead) and Mitch Trubisky as the only starting-caliber quarterbacks set for unrestricted free agency after the 2023 season. (And Trubisky is a fringe starter.)

So locking up Tagovailoa for 2024 can easily be justified.

Last season, Tagovailoa led the league in a few categories, including passer rating, yards per attempt at 8.9 and yards per completion at 13.7. The Dolphins averaged 6.5 yards per play when Tagovailoa was on the field last season, highest of any NFL starting quarterback in 2022.

He threw 25 touchdowns and eight interceptions and completed 64.8 percent of his passes in 13 games last season, while throwing for 3,548 yards.

He missed five games because of two confirmed concussions last season, including the Dolphins’ playoff loss in Buffalo.

But Dolphins general manager Chris Grier said doctors have assured the Dolphins that Tagovailoa’s prior concussions do not increase the likelihood of additional concussions.

Grier has said this offseason that the Dolphins want to move forward with Tagovailoa, and that his past injuries would not deter them from making a long-term commitment to him.

“He’s been banged up, but he always comes back and bounces back and plays hard and performs,” Grier said recently when asked about Tagovailoa’s injuries. “So [we’re] excited for his future. Excited [from] watching him do all the work he’s been doing in the offseason right now to prepare for 2023, and he’s very excited to get back on the field with his teammates.”

Tagovailoa sustained a concussion Dec. 25 against Green Bay and exited concussion protocol Feb. 1, more than two weeks after Miami’s season ended.