In one of the more unexpected NFL twists this offseason, the Miami Dolphins have completely flipped their tight end room in a 48-hour span. The Dolphins first dealt Jonnu Smith, who just regained form in 2024, to the Pittsburgh Steelers, only to coax Darren Waller out of retirement the very next day. Just like that, the 2025 fantasy football tight end landscape just got a lot more interesting.
Let’s dive into the real-world trade details and break down the fantasy implications for both tight ends, with Smith falling into a congested situation in Pittsburgh, while Waller drops the mic and resurfaces with big-time upside in South Beach.
TRADE BREAKDOWN: DOLPHINS DEAL JONNU SMITH, ADD DARREN WALLER
The Dolphins sent Jonnu Smith, All-Pro CB Jalen Ramsey, and a 2027 seventh-round pick to the Steelers in exchange for safety Minkah Fitzpatrick and a 2027 fifth-rounder. On the surface, the trade appears to be a classic shake-up of familiar faces. But from a fantasy football angle, it’s a seismic shift for two tight ends whose value couldn’t be trending in more opposite directions.
Smith immediately signed a one-year, $12 million extension to stay in Pittsburgh through 2026, reuniting with Steelers OC Arthur Smith, who Waller played well under in Atlanta (50-582-3) before exploding for an 88-884-8 campaign with Miami in 2024.
As for Waller, his trade was far simpler: the Dolphins acquired him and a conditional 2027 seventh-rounder from the Giants for a 2026 sixth-round pick. Waller inked a one-year deal worth up to $5 million, returning to football after abruptly retiring to pursue a music career that didn’t reach five minutes of fame.
JONNU SMITH 2025 FANTASY OUTLOOK
There’s no sugarcoating it, Jonnu Smith’s fantasy stock takes a significant hit with this move. He goes from being a top-10 tight end in Miami’s high-octane offense to likely undraftable in a crowded Steelers passing game with Aaron Rodgers.
While it’s true that Smith is now reunited with Arthur Smith, the system in Pittsburgh isn’t nearly as pass-happy as Mike McDaniel’s setup in Miami. The Steelers figure to be one of the most run-heavy teams in the league with Jaylen Warren and rookie Kaleb Johnson leading the charge behind a rebuilt offensive line.
If there’s any silver lining, Pittsburgh clearly has a plan for Jonnu. According to beat writer Mark Kaboly, the Steelers view him not just as a tight end but also as a slot receiver and fullback. Under Arthur Smith in 2023, Jonnu lined up:
- 274 times as an inline tight end
- 268 times in the slot
- 29 times in the backfield
That kind of versatility makes him usable in deep formats or tight end premium leagues, but competing with Pat Freiermuth, who just signed a four-year, $48.4 million extension, is not ideal.
The reality, though, is that Smith will likely struggle to replicate anything close to his 2024 production. Barring a massive leap in efficiency or touchdown rate, he’s a low-end TE2 at best and undraftable in our eyes.
Smith plummets to our TE31, while Freiermuth lands at TE33 on The Wolf’s 2025 Fantasy Rankings.
DARREN WALLER 2025 FANTASY OUTLOOK
On the other end of the spectrum, Darren Waller lands in a dream situation. Despite being 33 years old and a year removed from football, Waller inherits a vacated role in one of the most explosive offenses in the league. With Jonnu Smith gone, the Dolphins had virtually no established tight end presence, and Waller walks into a potential and creative 80+ target role by default.
Even in a down year with the Giants in 2023, Waller managed 52 catches on 70 targets for 552 yards across 12 games. That came in a dreadful offense plagued by poor QB play, minimal spacing, and no threat of a deep ball–making RSJ look stupid in the process. In Miami, Waller joins Tyreek Hill, Jaylen Waddle, and De’Von Achane in a unit that feasts on speed and spacing. Defenses simply can’t focus on Waller the way they did during his later years with the Raiders or Giants.
If Waller stays healthy and focused, admittedly a big “if,” he offers top-15 tight end upside. Mike McDaniel’s offense thrives on creating mismatches, and Waller remains a nightmare matchup when used as a seam-stretching move tight end. His age, injury history, and level of buy-in are worth monitoring, but the upside is tantalizing, especially if Hill or Waddle were to miss time.
FINAL TAKEAWAYS: FADE JONNU, TAKE A STAB ON WALLER
From a fantasy football perspective, this swap dramatically changes the 2025 fantasy outlook for both players:
- Jonnu Smith: Was a breakout TE1, now a risky TE2/3 flier in a crowded Steelers offense. His versatility will keep him on the field, but volume and consistency will be hard to come by.
- Darren Waller: A boom-or-bust, high-upside option in a pass-first Dolphins offense with tons of scoring potential. Even at age 33, he could see a mini-career resurgence as a key part of Miami’s aerial attack.
In other words, fade Smith and throw a dart at Waller late. Don’t let Waller’s age and brief retirement scare you off. His upside in Miami is real, while Smith’s ceiling has been smothered by Pittsburgh’s scheme and depth chart.
