The Indianapolis Colts are trying to get their offense back on track and contend for the division again in 2025, and one analyst believes an “urgent” trade on defense could help them get there — if they are willing to spend a pretty penny.
The Colts will conclude their offseason program Thursday with the final session of their three-day mandatory minicamp. Afterward, they will have roughly six weeks to evaluate their current 90-man roster and decide what additions, if any, are still necessary before players report for the start of 2025 training camp on July 22.
During the same time, the Cincinnati Bengals will continue making efforts to resolve their ongoing contract dispute with superstar defensive end Trey Hendrickson, who is the NFL’s reigning sacks leader (17.5) and a four-time consecutive Pro Bowl selection.
As things stand in June, Hendrickson has indicated he plans to hold out until either the Bengals give him a new contract or trade him to another team that is willing to pay him. And if the Bengals do not relent, ESPN’s Jeremy Fowler thinks the Colts could enter the fray for Hendrickson and give up a multiple-pick package to secure his services.
The projected trade: The Colts send their 2026 second-round pick and their 2027 fifth-round selection to the Bengals in exchange for 30-year-old Hendrickson.
“This sort of urgent move from Indy general manager Chris Ballard would solidify the edge of new coordinator Lou Anarumo’s defense,” Fowler wrote. “Anarumo would gladly reunite with Hendrickson after they spent four seasons together in Cincinnati.
“The Colts have around $20 million in cap space to orchestrate a new contract for Hendrickson.”
Trey Hendrickson Might Cost Too Much for 2025 Colts
Hendrickson trade hypotheticals will remain popular until his situation in Cincinnati is resolved, but it is probably a stretch to expect the Colts to become true suitors for him.
While Fowler is correct that the Colts have about $20 million in cap space left for 2025, Hendrickson is seeking a much larger payday. The five highest-paid pass rushers in the league make more than $28 million annually, while Spotrac’s calculated market value formula projects he will sign a new contract worth $62.9 million over two seasons.
Realistically, Hendrickson could push for even more if he wants to rival Myles Garrett’s $40 million annually and lands with a team willing to invest in his proven production. Even if he settles closer to the $30 million-per-year range, the Colts would have a tough time figuring out how to fit such a significant new contract on their books in 2025.
Like any team that trades for Hendrickson, the Colts would also take on a massive risk in giving up valuable draft assets for a player who has already crossed over into his 30s.
Maybe it would make more sense to give up a second-round pick if the Colts needed one more piece on defense to tie their roster together, but they have many question marks on offense and could need that pick to help in a quarterback search next offseason.
Do Colts Need Another Pass Rusher for 2025 Season?
The other major problem with suggesting the Colts should trade for Hendrickson is that the team does not need to make an upgrade at the edge rusher before the 2025 season.
The Colts have a pair of first-round picks in Kwity Paye (2021) and Laiatu Latu (2024) returning to lead their defensive end position in 2025. While they saw Dayo Odeyingbo sign with the Chicago Bears in free agency, they accounted for his loss with the selection of Ohio State standout J.T. Tuimoloau in the second round of the 2025 draft this spring.
Additionally, the Colts have quality veteran depth at the position in Tyquan Lewis and Samson Ebukam, giving them little reason to anything more than another camp body.
Now, the Colts are undoubtedly counting on their young pass rushers to continue their growth and deliver for them in 2025, but there are too many reasons for optimism for them to panic and give up significant assets — and money — to land Hendrickson.
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