The Miami Dolphins ended the franchise tag window just as they started it two weeks ago, by taking no action.

The next significant step for the Dolphins this offseason will likely be Monday, when teams can begin negotiating with free agents, followed by the start of the new league year two days later, on March 12, when teams can begin signing free agents.

However, at some point soon the Dolphins might try to clear some extra salary cap room by restructuring edge rusher Bradley Chubb’s contract for the third consecutive year.

And if that doesn’t happen and there’s an outside chance they’d release Chubb.

The Dolphins had until 4 p.m. Tuesday to use the franchise or transition tag.

Safety Jevon Holland, the Dolphins’ 2021 second-round pick and a four-year starter, was the best candidate for the franchise tag this year.

The franchise tag salary for a safety is expected to be somewhere around $18 million a year.

Holland’s multi-year free agent contract, according to ESPN, could average around $17 million a year.

Denver in a trade-deadline deal in 2022, is due to cost $29.3 million against the salary cap in 2025.

Chubb spent the 2024 season on the physically-unable-to-perform list after sustaining a devastating knee injury against Baltimore on New Year’s Eve 2023 — torn ACL, with damage to the patellar tendon and cartilage. Although he was eligible to return in late December he wasn’t activated.

A year ago the Dolphins restructured Chubb’s deal. The move converted $13.7 million into a signing bonus, lowered his salary cap number from $26.9 million to $15.9 million, and gave the Dolphins about $11 million to spend in free agency.

Two years ago the Dolphins restructured Chubb’s deal to create $14.6 million in cap space.

Something similar could happen in the next few weeks, saving the Dolphins roughly the same amount for 2025.

If the Dolphins and Chubb can’t agree on a contract restructure, they could release Chubb.

If the Dolphins release Chubb immediately, they save just $1.2 million and take on $27.3 million in dead money.

But if the Dolphins release Chubb with a post-June 1 designation, they’d save $19.55 million on the salary cap and take on a more manageable $9.1 million in dead money.

The Dolphins got $18.5 million last year due to releasing cornerback Xavien Howard with a post-June 1 designation.

One thing to remember is that the Dolphins’ pass rush could take a major hit without Chubb, who had a team-best 11.0 sacks in 2023 before sustaining his knee injury.

If the Dolphins release Chubb, they’ll only have edge rushers Chop Robinson and Jaelan Phillips as starting-caliber players. And Phillips missed much of last season after sustaining a knee injury, and he missed the tail end of the 2023 season after sustaining an Achilles injury.

There’s no assurance Phillips, who is playing this season on his fifth-year option of his contract, will come back 100 this season.

On the other hand, an edge rusher rotation that includes Chubb, Phillips and Robinson is, on the top end, potentially game-changing, and on the low end, a respectable pass rush trio.

The safest and best action for the Dolphins might be finding a way to renegotiate Chubb’s contract, clear some salary cap space and keep him on the roster.

As for Holland, he seems unlikely to be on the Dolphins’ roster in 2025.

But there could be a benefit to Holland’s departure.

The Dolphins could earn a 2026 compensatory draft pick in the third- or fourth-round range the same way the departures of guard Rob Hunt and defensive tackle Christian Wilkins are expected to land the Dolphins a pair of fourth-round picks, or possibly even a third- and fourth-round pick.

Compensatory picks are figured and awarded based on a complicated formula that includes, among other considerations, contract amount, playing time, playing performance and whether the Dolphins signed any high-priced free agents.

It’ll be interesting to see whether Grier and McDaniel, who should be able to afford one high-priced free agent, decide to go that route.

A couple of months ago Grier said they valued their 2025 compensatory picks for Hunt and Wilkins picks so greatly that they decided not to jeopardize losing either pick by signing a seasoned (and costly) veteran as a backup quarterback during last year’s offseason.