Miami Dolphins restricted free agent Charles Clay signed an offer sheet with the Buffalo Bills on Tuesday, a source confirmed to FOX Sports NFL Insider Mike Garafolo.
The five-year deal for the tight end is worth $38 million with $20.5 million guaranteed, as first reported by Vic Carucci of the Buffalo News.
Dolphins tried to get Charles Clay for $6.75m per year. Now, as @viccarucci said, they'd have to match a 5-year, $38m deal.
— Mike Garafolo (@MikeGarafolo) March 17, 2015
Miami has five days to match the offer and will not get any form of compensation if they chose to decline. The deal is front-loaded to make it difficult for the Dolphins to match, with $24.5 million paid out in the first two years.
According to Michael Silver of the NFL Network, the Dolphins' final offer was in the range of four years for $27 million, with less then $15 million guaranteed.
I'm told the Dolphins' final offer to Charles Clay was four years, $27 million with less than $15 million guaranteed. @nflnetwork
— Michael Silver (@MikeSilver) March 17, 2015
The team placed the rarely used transition tag on Clay earlier in the offseason instead of using its franchise tag, which would have guaranteed his return to Miami. The intention was to sign him at a more affordable contract, but the Bills aggressively pursued Clay, leaving only a slim chance for the Dolphins to match the offer.
Miami signed free-agent tight end Jordan Cameron to a two-year deal and hoped to pair him with Clay to form a dangerous duo that would complement quarterback Ryan Tannehill. Instead, the Dolphins may elect to promote third-year player Dion Sims to the starting lineup or look elsewhere in free agency or in the draft.
By using the transition tag, Miami had more then $7 million in cap space for the 2015 season tied up with Clay that will either increase if they match or revert back to the team if he signs with Buffalo.
You can follow Surya Fernandez on Twitter @SuryaHeatNBA or email him at SuryaFoxSports@gmail.com.
