As the 2026 NFL trade deadline creeps closer, the Miami Dolphins remain a team to watch because of their status as a rebuilding franchise.

While that rebuilding process got into full swing after the regime change that brought in Jon-Eric Sullivan as general manager and Jeff Hafley as head coach, an argument can be made that it actually began at the trade deadline last year.

The Dolphins made only one deal, but it was one done with an eye toward the future.

And looking back at it almost one year later, it's pretty clear the Dolphins did well when they sent outside linebacker Jaelan Phillips to the Philadelphia Eagles in exchange for a third-round pick.

That pick became the 87th overall in the 2026 draft, and the Dolphins used it on tight end Will Kacmarek from Ohio State as one of their three selections in that round.

WHY THE MOVE WAS MADE AND WHY IT WORKED OUT FOR THE BEST

The trade of Phillips, done days after Champ Kelly had become interim general manager following the firing of Chris Grier, pretty much was done with the salary cap in mind because Phillips was in the middle of the final year of his contract.

The Dolphins clearly decided they did not want to give Phillips the kind of contract he would be seeking as a free agent, so the idea was to get something for him before he left.

Because the highest compensatory draft pick any team can get for a free agent loss comes at the end of the third round, starting with the 97th overall pick, the Dolphins were able to get something better from the Eagles and they got it a year early.

After Phillips signed a four-year, $120 million deal with the Carolina Panthers in the offseason, it's the Eagles who now will be in line to receive a compensatory pick for losing him, but it will come in the 2027 draft and, again, later than the pick the Dolphins got in the trade.

Phillips' deal with Carolina included $80 million guaranteed, with a cap number that jumps from $10 million this year to over $30 million each of the next three years, according to OverTheCap.com.

The 18th overall selection in the 2021 NFL draft, Phillips has been a solid to good NFL player, but it would be a tough sell for anyone to suggest he's worth the kind of money he got from the Panthers — then again, "the market is the market," right?

For certain, Phillips isn't worth that kind of deal with where the Dolphins are as an organization.

The early returns on Kacmarek suggest he's every bit the blocking stud his scouting report indicated he could be in the NFL, and his role only figures to increase the more experience he gets.

And, yes, the Dolphins absolutely could use Phillips this season to help their struggling pass rush — Chop Robinson's eye-opening metrics notwithstanding — but then again he's once again dealing with injury issues in Carolina.

That unfortunately became part of Phillips' story in Miami and another reason it was impossible to justify giving him a huge contract even though he's still only 27 years old.

When the Panthers face the Green Bay Packers at Lambeau Field on Thursday night, Phillips will be on the inactive list, missing a second consecutive game because of a hamstring injury.

Phillips has 2.5 sacks in five games so far this season — that total, while pretty modest — would lead the Dolphins right now because the team leaders are Zach Sieler and Robinson with two each.

Phillips, of course, missed the second half of the 2023 season and most of the 2024 season because of Achilles and knee injuries, which obviously is just bad luck.

But it doesn't change the fact the Dolphins were right in not wanting to give him that big contract extension and their trade was a very good one at the time that's still very good one year later.