The Dolphins have tendered Brown at 110 percent of his 2009 salary. The tender is worth $3,969,239 and the Dolphins would be due a first-round pick if another team signs Brown.
For the sake of clarification, you might remember that Brown told The Miami Herald that he had an option year for 2010 and would be under contract at $5 million if there was no cap. That was true assuming both he and the Dolphins exercised the option.
The Dolphins opted not to exercise the option for obvious reasons. They have a running back coming off a significant foot injury who is not yet able to run and cut at the start of free agency. Why would they elect to pay a $5 million contract when they can use the $3.97 million tender and save themselves approximately $1 million?
Moreover, it is unlikely any team would be willing to give up a first round pick for Brown given his current condition. And, in the unlikely case some team might give up such a high pick, that would leave the Dolphins in the inviable position of either keeping Brown by matching the offer or getting a first-round pick for him.