Fantasy Upside
Jaylen Waddle is coming off the board as WR15 on Underdog and 20th overall and has proven before he can be a WR1 in fantasy (thanks to a WR7 finish as a rookie). Waddle finished as WR34 overall and WR23 in points per game. Assuming he doesn't miss two games again he should improve overall.
Fantasy Downside
The downside is Waddle is the WR2 with a high-volume WR1 in Tyreek Hill. While the Miami offense can be a juggernaut, it is tough for both Hill and Waddle to be WR1's in fantasy. A top-12 finish is unlikely without a Hill injury and it seems more likely he'll be a back-end WR2 than a borderline WR1 based on his ADP.
2024 Bottom Line
Waddle seems like a better-in-best-ball pick where you can survive some of his slower weeks and get all the benefit of his spiked weeks. However, 20th overall on Underdog does seem difficult to pay off. He has a much more sensible ADP (45th overall) on a site like ESPN where you don't need to use a second-round pick on him. Given his ADP is all over the place, he's a fade in Round 2 and becomes a buy late in Round 3 or early in Round 4.