Miami's surge to 75¢ (+71¢) for worst NFL record in 2027 isn't just a bad season bet — it's the market pricing in one of the most extreme rebuilds in modern sports history. The Dolphins are carrying between $175-183 million in dead money for 2026, accounting for over 60% of the salary cap and representing the largest single-season dead cap total in NFL history. The franchise moved on from Tua Tagovailoa, Tyreek Hill, and Jaylen Waddle within weeks, stripping away the core that defined the previous era.

This isn't dysfunction — it's strategic destruction. Early win projections have Miami tied for worst at just 4.5 games, with analysts expecting between three and five victories. But the timeline reveals the method: the heavy dead cap clears after 2026, positioning the franchise to re-enter the competitive tier with significantly more roster control in 2027. With 11 total draft picks including seven in the top 100 and two first-rounders, Miami is betting one lost season yields a sustainable foundation.