Omar Khan pulled off a rare blockbuster trade last year on June 30 in the dead of the NFL offseason. Trading Minkah Fitzpatrick was a tough pill to swallow, but it netted the Pittsburgh Steelers a hopeful upgrade on both offense and defense with TE Jonnu Smith and DB Jalen Ramsey.

One year later, on the anniversary of the trade, the early returns aren’t great.

Let’s review the full trade terms first.

Pittsburgh Received:
– DB Jalen Ramsey
– TE Jonnu Smith
– 2027 seventh-round pick

Miami Received:
– S Minkah Fitzpatrick
– 2027 fifth-round pick

Fitzpatrick is no longer a Dolphin and Smith is no longer a Steeler. The decisions to part ways were made for two very different reasons.

The Dolphins dove headfirst into a rebuild by parting with their head coach, GM and starting quarterback. It made no sense to hang onto a nearly 30-year-old safety with a lofty price tag.

Pittsburgh, on the other hand, is still clinging to its window to compete but decided Smith was not a part of the solution moving forward. That’s because he had one of the least efficient seasons from a tight end in NFL history. It wasn’t for a lack of opportunities. He just wasn’t performing. And at an APY of over $12 million, it made no sense to run things back in 2026.

Smith’s poor individual stats were problematic on their own, but there was also an opportunity cost that rippled throughout Pittsburgh’s 2025 offense. Pat Freiermuth was criminally underutilized, and Smith was a big reason why.

The Steelers’ dead money ledger for 2026 includes $10.73 million between Fitzpatrick and Smith. If you isolate Smith in the trade, it was a disaster for Pittsburgh. The team would have been better off doing a Ramsey for Fitzpatrick swap outright.

How did the two defensive backs compare? Fitzpatrick is a safety by trade while Ramsey is a corner, so it seems hard to compare at face value. Ironically, injuries forced Ramsey out of position and into a full-time safety role by the midway point of the season. That makes the comparison a bit easier.

In 14 games, Fitzpatrick had 82 total tackles, four TFL, a sack, six passes defensed, an INT and a forced fumble. He was solid, but nowhere near his prime All-Pro playmaker status he once was in Pittsburgh.

Ramsey had 88 total tackles, four TFL, three sacks, eight passes defensed and an INT in a full 17 games. Their stat lines were almost identical despite a difference of three games played.

Based solely on the 2025 season, the trade tilted in Miami’s favor. Fitzpatrick delivered production comparable to Ramsey, and Miami got a lot of money off its books and onto Pittsburgh’s. And it’s not as if the Steelers got any younger with Ramsey being two years Fitzpatrick’s senior.

A late-round pick swap often goes overlooked in these trades, but giving up a 2027 fifth-round pick is unfortunate for the Steelers in what is already being labeled one of the deepest and most talented draft classes in recent memory.

If Pittsburgh was offered the same trade today with perfect 20/20 hindsight, it’s difficult to imagine the deal getting made — at least not with the same terms.

On the bright side, the story hasn’t been fully written yet.

Ramsey’s new role as a STAR defensive back in Pittsburgh’s new system could unlock his play to reach new heights in 2026. The defensive staff has already identified him as one player they plan on “weaponizing” this season, mentioning late-career Charles Woodson as a template for what they want out of him.

Anything short of a strong season out of Ramsey, and this trade probably goes down as a firm demerit on Omar Khan’s track record as Pittsburgh’s GM.