According to Jay Glazer of Fox Sports, the New Orleans Saints have traded running back Reggie Bush to the Miami Dolphins. Around 1 a.m. Wednesday morning, Glazer broke the news via Twitter,

Scott Altman
(Dolphins Featured Columnist)
"I'm reporting the Saints and Fins have worked out terms of a trade for RB Reggie Bush, contingent on Bush agreeing to a new contract w Fins."
Despite playing an integral role for the Saints over the past five seasons, Bush was slated to rake in $11.8 million in 2011, an absurd price for a role player in a  crowded backfield. Before the deal can be finalized, Bush must restructure his deal (a.k.a take a pay-cut).

Mike Florida of ProFootballTalk offered an explanation:
"Per a source with knowledge of the situation, the talks between the Dolphins and Bush’s camp heated up around midnight.  They are expected to continue into Thursday morning.
At this point, it’s not known with certainty that an agreement will be reached.  Though Bush could decide to stay with the Saints at a reduced salary, the signs currently are pointing the Bush doing a deal with the Dolphins."
Details of what Miami will surrender in exchange for Bush will likely be disclosed over the next few hours, but it's safe to assume the Dolphins will part with a draft pick or two.

Philadelphia and St. Louis were reportedly the front runners for Bush, but once DeAngelo Williams returned to Carolina and reports surfaced suggesting Ahmad Bradshaw will re-sign with New York, Miami must have entered the mix.

Obviously, we still don't know exactly what the Dolphins will surrender in exchange for Bush, but assuming it is nothing exorbitant, this should be a great deal for Miami.

The Dolphins were desperate for a dynamic running back, and they received a player with generational athleticism. Last season, Miami's offense was severely hampered by a lack of speed and explosiveness, and Bush brings both to the table.

However, the former second overall pick has struggled mightily with injuries and has not produced standout statistics. His career yards per carry average is a measly 4.0, but the Dolphins won't rely on Bush to serve as an every down, between-the-tackles running back—they used a second round pick on Daniel Thomas to occupy that role.

Instead, expect Miami to utilize Bush heavily in the passing game, and possibly in the Wildcat. Recently hired offensive coordinator Brian Daboll managed to utilize Josh Cribbs in multiple facets in Cleveland, and he will likely exploit Bush in similar fashion.

Moreover, Bush should immediately assume all of Miami's return duties. He will have to compete with Davone Bess, Nolan Carroll, and a handful of undrafted rookies for the job, but it's difficult to envision anybody defeating Bush, who has averaged 7.8 yards per punt return for his career.

Between Reggie Bush, Daniel Thomas, Brandon Marshall, and Kyle Orton (assuming the Fins and Broncos strike a deal), Miami's offense has received a much-needed facelift. The Dolphins now boast an exciting and intriguing mix of talent that should allow them to compete for the AFC East crown, or, at the very least, a Wild Card spot.

Meanwhile, by unloading Bush, the Saints can allocate that $11.8 million elsewhere.

After the team used a first round pick on running back Mark Ingram in April, Bush appeared destined for departure. Sean Payton and Drew Brees might miss Bush's unique skill-set and defensive mismatch, but even without him, New Orleans still has a three-headed monster that should be one of the league's most productive.

Between Ingram, Chris Ivory, and Pierre Thomas, the Saints simply didn't have room for Bush. And, assuming Ivory progresses from a promising rookie campaign and Ingram pans out, they won't miss him for long either.