The Indianapolis Colts have reportedly given Jonathan Taylor permission to pursue a trade. The latest reports and betting odds suggest that the Miami Dolphins are the most likely destination for the Colts' running back. What exactly might a Dolphins' trade for Jonathan Taylor look like?

The Colts want a first-round draft pick or something comparable in return for Taylor. Indianapolis can certainly try to pry a first-round pick from Miami, but there's little chance that it will happen. Given how running backs are valued (or not valued) around the NFL in 2023, neither the Dolphins nor any other team is likely to trade a first-rounder for a running back, especially one that is coming off an injury and in the final year of his contract.

It makes sense for both sides to come to an agreement. Jim Irsay has made it clear that he has no plans to pay Taylor big money, and the Colts' owner doesn't seem to believe the team would be hurt that much by losing the 2021 rushing leader. The Dolphins' pursuit of Dalvin Cook and rumors of their interest in Taylor suggest that Miami wants to upgrade the running back position before the 2023 NFL season starts.

Let's take a look at a reasonable Dolphins' trade package that the Colts might accept.

Jonathan Taylor trade the Dolphins should offer Colts

Dolphins receive: Jonathan Taylor

Colts receive: Dolphins 2024 fifth-round draft pick, Dolphins 2025 third-round draft pick

This hypothetical Dolphins' trade offer isn't coming out of nowhere. Sports Illustrated's Albert Breer asked several executives around the NFL what Taylor is worth to a potential suitor. Although the answers varied, there was a common denominator: the Colts aren't getting a Day One pick for their star running back.

Miami can't trade a 2024 third-round pick. The organization was stripped of the selection after the league determined that Miami had “impermissible communications” with Tom Brady when he was with the New England Patriots and the Tampa Bay Buccaneers. In the deal, Indianapolis receives more than just a third-round pick, and Miami doesn't lose more than one pick in a single draft.

The Colts probably aren't going to get a better offer within the next few weeks. If Indianapolis isn't inclined to lock up Taylor long-term, it should take the best deal possible before the 2023 season starts. The Colts aren't going to compete for a championship this season. They might not be ready to contend for another two or three years as Anthony Richardson tries to develop into an NFL starter.

The Dolphins are in a completely different situation. Even though Tua Tagovailoa is just a few years into his career, Miami is trying to win a title now. Tyreek Hill is in the middle of a four-year, $120 million contract. Hill and Jaylen Waddle are one of the best wide receiver duos in the league. The Dolphins made a splash by trading for Jalen Ramsey in the offseason because they are aiming to contend for a Super Bowl in the immediate future.

Adding Taylor would only help Miami's chances of winning the AFC. Taylor is only two years removed from leading the NFL with 2,171 yards from scrimmage and 20 touchdowns. If he can return to his 2021 form and Tagovailoa stays healthy, the Dolphins' offense can be a top-five unit.

This hypothetical trade allows the Colts to build for the future and the Dolphins to improve their 2024 Super Bowl odds. It's a win-win for both sides.