As Omar Kelly of the South Florida Sun-Sentinel noted, that means Landry will make $15.982 million next year for either the Dolphins or any team he's traded to (unless he ultimately agrees to a long-term extension).
Trade rumors have surrounded Landry. John Mullin of NBC Sports Chicago reported March 3: "Whispers are that the Bears and Miami Dolphins have had conversations about the Dolphins sending wide receiver Landry and a third-round pick to the Bears in exchange for Howard and a swap of the Dolphins pick at No. 11 overall for the Bears' at No. 8."
Jeremy Fowler of ESPN.com reported a day later that at least five teams have had trade talks with Miami regarding Landry, including the Bears and Baltimore Ravens.
According to NFL Network's Ian Rapoport, teams around the NFL view Landry as a top option at the position:
Ian Rapoport @RapSheet
#Dolphins WR Jarvis Landry is accepting the franchise tag and signing it imminently, source said. Based on talks with several interested teams, he's being viewed as a No. 1. WR. Signing locks him in with DeAndre Hopkins & Antonio Brown above $16M. Let the trade talks heat up 🔥
The Dolphins couldn't trade Landry until he signed his franchise tender; now he can be moved if that's the direction the organization chooses to go.
Landry, 25, has made the Pro Bowl the past three seasons. In his four-year career, he's registered 400 receptions for 4,038 yards and 22 touchdowns. He posted a career-high nine scores in 2017 and has accumulated 110 or more receptions in a season twice and at least 1,100 receiving yards twice in his career.
Pro Football Focus gave him a grade of 82.0 this past season, 19th-best among wide receivers.
He's established himself as one of the best slot and underneath route-runners in the NFL. Given his athleticism and quickness, he's a major threat after the catch as well. If the Dolphins do decide to deal Landry, it isn't hard to see why a number of teams would be interested.