The Dolphins were getting pretty low on cap space, so this move should give them enough cap room to operate through the end of the season.
Howard has come up as a potential trade candidate the past few years, but the Dolphins have opted to hold on to the star cornerback.
Howard, 28, is a former second-round pick of the Dolphins back in 2016. He was in the final year of his four-year, $6,128,038 rookie deal and set to make a base salary of $1,285,641 for the 2019 season when he agreed to a five-year, $76.5 million extension that included $46 million guaranteed with Miami.
Howard is set to make base salaries of $12.075 and $12.975 million over the next two seasons.
In 2021, Howard has appeared in 10 games for the Dolphins and recorded 34 tackles, two interceptions, two forced fumbles, two recoveries, a defensive touchdown and 11 pass deflections.