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."
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.