Miami pulled a rare move by applying a transition tag to pending unrestricted free agent tight end Charles Clay; the resulting tender is worth $7.071M for one season. The Dolphins would have five days to exercise a right of first refusal for any prospective offer sheet signed by Clay with another team.
But unlike with a franchise tender, there's no draft choice compensation associated with a signed and unmatched offer sheet.
Clay had been floated by Mike Klis as a potential free agent target of the Broncos, who figure to lose Julius Thomas to another team. Virgil Green and Jacob Tamme are also pending UFAs, but appear far more likely to be re-signed.
While the lack of draft choice compensation means a transition tag won't prohibit the Broncos or another team from pursuing Clay, there's the issue of putting offseason plans on hold while waiting for the original team - in this case Miami - to decide whether to match. And in the NFL, especially at the height of free agency, five days might as well be an eternity.