The Miami Dolphins are trading the No. 3 pick in the 2021 NFL Draft to the San Francisco 49ers for the No. 12 pick, first-round picks in 2022 and 2023, and then a 2022 third-round pick, according to ESPN's Adam Schefter.

The 49ers are clearly in the mix for a quarterback after this trade with the Dolphins, but Schefter claims they have no plans to trade Jimmy Garoppolo. They also reportedly don't have one clear quarterback target in mind, though that could easily not be the case. Trevor Lawrence is going to go No. 1 overall, with Zach Wilson, Justin Fields and Trey Lance in line to go soon after.

This blockbuster trade could also theoretically put San Francisco in better position to trade for Deshaun Watson, but it's hard to see the Houston Texans star getting dealt now given all of his current legal troubles. Still, nothing should be ruled out at this point, and that's also the case when it comes to a potential Jimmy Garoppolo deal. Even if the 49ers supposedly don't want to trade him now, the writing appears to be on the wall for him after an injury-marred 2020 campaign.

As for the Dolphins, they weren't done wheeling and dealing after making the trade with San Francisco. That No. 12 pick is actually going to the Philadelphia Eagles as part of a package for the No. 6 pick in the draft. Miami is including its 2022 first-round pick as part of the deal, and the teams are swapping mid-round picks.

Perhaps the Dolphins are still in the mix for a quarterback, even after taking Tua Tagovailoa in the draft last year. Tua struggled in his rookie season and might not be the long-term answer, so Miami is giving itself options with these deals. Drafting a wide receiver to help Tua out is also a possibility, among other strategies.