Here's how I figure it -
Nick has his list of 5 "can't miss" players. He probably has another 10 prospects who he truly thinks can make it and help the team. And then, there's probably the 10-15 he would like to have.
If any of the top 5 slip to him, he'll take that guy at #16. If any of the next group are available, he'll consider them, depending on the team needs, and what other teams are doing.
Otherwise, he's trading the pick to get some value. There are a lot of teams out there who would love to move up, and have enough picks to make a good trade.
Miami would be happy to move to late first round and maybe pick up a 2nd or 3rd round pick in the process.
And overall, I believe Nick's first pick will be on defense. There are a fair number of dbs in particular that could step in and help.