The play gave Miami a 14-7 lead midway through the third quarter, but New York tied the game minutes later.
On second-and-1, Tagovailoa evaded the Jets' pass rush and unloaded a pass to a wide-open Hollins that traveled 53.1 air yards per NFL Next Gen Stats. Both the air yards and the total yards on the play were career highs for Tagovailoa.
It also marked the longest play of Hollins' career, as he is tied for the team lead with three touchdown receptions this season -- surpassing his total from his previous three NFL seasons.
The touchdown broke a streak of five straight scoreless drives for the Dolphins after Jaylen Waddle scored on the team's opening possession.
Jets cornerback Michael Carter lined up over Hollins before the play but blitzed. Cornerback Isaiah Dunn and safety Elijah Riley both covered Dolphins receiver Albert Wilson, leaving a streaking Hollins wide-open down the sideline.
The lead didn't last long. With one flick of the wrist, Jets quarterback Joe Flacco showed why he was named to start this week over popular backup Mike White. On a third-and-8, Flacco read a blitz by the Dolphins and calmly delivered the ball to rookie Elijah Moore on a skinny post.
Moore made the grab and outran the pursuit for a 62-yard, game-tying touchdown -- the Jets' longest play of the season.
Moore, covered by cornerback Byron Jones, ran a great route, leaving Jones flat-flooted. Moore made the catch at 14 yards and turned on the speed. He reached a max speed of 20.5 mph, according to NFL Next Gen Stats.