Bills sign Clay to offer sheet; Miami has 5 days to match

The Buffalo Bills signed tight end Charles Clay to an offer sheet, officially starting the Miami Dolphins' five-day clock to match the offer. Reports from the Buffalo News' Vic Carucci indicate the deal is a five-year contract worth $38 million, with around $24.5 million guaranteed over the first two seasons. Miami has the right to match having placed the transition tag on Clay this offseason.

The transition tag means Clay is currently accounting for $7.071 million against the Dolphins' salary cap for the 2015 season. Miami will either get that money back, if they do not match the Bills' offer, or they will roll it into whatever the extra money for this season's salary cap number is for Clay.

The Dolphins would like to keep Clay, adding him to the newly-signed Jordan Cameron and third-year player Dion Sims. Clay has also said he would like to stay in Miami, but clearly would leave if the money were right elsewhere. Now, it is a matter of the Dolphins figuring our exactly how much of a hit against the salary cap each year Clay would cost, and if they are willing to offer it.