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The Kansas City Chiefs are trading six-time Pro-Bowl wide receiver Tyreek Hill to the Miami Dolphins for five draft picks: a 2022 first-round pick (No. 29), second-round pick (No. 50) and fourth-round pick, plus fourth- and sixth-round picks in the 2023 draft, as first reported by ESPN's Adam Schefter.

Multiple outlets are also citing Hill's agent, Drew Rosenhaus, in reports indicating the Dolphins are giving Hill a four-year, $120 million extension, including $72.2 million guaranteed. It makes him the highest-paid wide receiver in NFL history.

According to NFL Network's Ian Rapoport and Tom Pelissero, a contract extension was the sticking point that led to Hill's divorce from the Chiefs. The receiver had been offered a deal that would have made him one of the NFL's highest-paid receivers with the Chiefs, but the offer did not satisfy the speedster, leading the Chiefs to give Hill's representation permission to seek a trade.

Both the New York Jets and the Dolphins had trades in place for Hill, according to multiple reports. The question became where Hill wanted to become the wide receiver with a record-breaking deal.

Davante Adams was the highest-paid wide receiver for a week after he signed a five-year contract with the Las Vegas Raiders that averages $28.5 million per season and includes $67.5 million fully guaranteed.

It's the second major move made this week by the Dolphins to boost their offense that will be installed by new head coach Mike McDaniel. On Tuesday, the Dolphins agreed on a five-year deal with left tackle Terron Armstead that is worth up to $87.5 million, locking up the services of one of the top free agents of the 2022 cycle. That deal includes $43.37 million in guaranteed money, the source said.

Dolphins assistant general manager Marvin Allen was the Chiefs' director of college scouting for five years, from 2013 to 2017, when Kansas City drafted Hill.

The addition of Hill gives Dolphins quarterback Tua Tagovailoa a true No. 1 wide receiver to aid in his development. The Dolphins also added wide receiver Cedrick Wilson in free agency and have dynamic wide receiver Jaylen Waddle, who had 104 receptions for 1,015 yards and six touchdowns in his rookie season.

The Dolphins have also added two new running backs in free agency in Chase Edmonds and Raheem Mostert.

Hill, who has been selected to the Pro Bowl in all six seasons of his NFL career, had a career-best and franchise-record 111 receptions for 1,239 yards and nine touchdowns for the Chiefs last season.

He has 479 receptions for 6,630 yards and 56 touchdowns in his career. He is one of four players since 1970 with at least six touchdown catches in each of his first six NFL seasons, according to ESPN Stats and Information data. The others are Randy Moss, Larry Fitzgerald and Marvin Harrison.

The Chiefs' wide receiver corps now includes free-agent addition JuJu Smith-Schuster, Mecole Hardman, Josh Gordon, Justin Watson, Cornell Powell, Gehrig Dieter and Corey Coleman.

According to ESPN.com's Adam Teicher, the Chiefs still are expected to add wide receivers in free agency and the draft.

Since Patrick Mahomes became the Chiefs' starting quarterback in 2018, he had linked up with Hill for 41 touchdowns, the second most by a QB-receiver duo in that time, according to ESPN Stats and Info research.

As Profootballtalk.com's Mike Florio noted, the allure of launching the ball deep to Hill has been difficult for Mahomes to resist. He has learned to be patient. Without Hill, the temptation naturally will diminish.

Maybe Hardman is ready to take the next step. Maybe they’ll find another Hill in the draft. Maybe they’ll revamp the offense entirely.

They still need a deep threat, in order to keep defenses honest. Currently, there’s none like Hill.

That said, the Chiefs are built for the long haul.

With the exception of 32-year-old tight end Travis Kelce, who signed a four-year extension in 2020, all of the big-money contracts the Chiefs have given out since Brett Veach became the team's general manager have gone to players in their mid-20s.

So the idea of adding more young speed in the draft isn't the worst possible outcome for Kansas City, who now hold two first-round picks in the 2022 draft: No. 29 and No. 30.