Setting aside for now the question of whether the Dolphins would or wouldn’t trade any, some, or all of these players, it’s important to consider the salary-cap consequences.
For Wallace (pictured), who signed a five-year, $60 million contract last year, a trade before June 1 would result in an immediate cap charge of $8.8 million, which represents the remainder of his $11 million signing bonus. However, the Dolphins also would avoid responsibility for a fully-guaranteed base salary of $15 million in 2014. (Yes, the Dolphins are paying Wallace $15 million fully guaranteed this year.)
As to Wake, trading him before June 1 would trigger a $4.2 million cap charge. His base salary of $5.82 million would be avoided.
The biggest cap consequence would come from trading Jordan before June 1. The move would cause a $10 million charge to hit the cap — with a savings of only $1.34 million in 2014.
Regardless of whether the Dolphins are interested in trading Wallace, Wake, or Jordan, it’s safe to say any team that would have interest in any of those players now has reason to at least make the phone call.