Bills acquire Charles Clay after Dolphins fail to match offer sheet

The Buffalo Bills put together an offer sheet last week for Miami Dolphins tight end Charles Clay of five years and $38 million. The Dolphins had the right to match the offer within five days but declined, awarding Clay's services to the Bills, according to Adam Schefter of ESPN. Miami will not receive an compensation for losing Clay.

Miami slapped the transition tag on Clay back on March 2, the deadline to tag your own player. Per NFL rules, the transition tag gives the tagged player a salary which equals the average of the top 10 salaries at his position. Clay was terrific in 2013, bursting onto the scene in his third year with 69 catches and 759 yards, along with six touchdowns. Last year, Clay recorded 58 receptions for 605 yards and three scores.

The Dolphins had a hard time matching the offer because of the way Buffalo structured it. With the contract being front-loaded, the Bills bet that Miami could not create ample cap space. After signing Ndamukong Suh to a massive six-year, $114 million deal, the Dolphins have $7.7M of space, according to Over The Cap. The Bills' offer reportedly includes $20 million guaranteed and a total of $24.5 million during the first two years.