An injury-plagued season hasn’t cooled the market for Trey Hendrickson, as one of the NFL’s wealthiest franchises is now reportedly plotting a major trade for the wantaway pass rusher. A $5.9 billion franchise could be looking for a possible tag-and-trade with the Cincinnati Bengals.

“BREAKING The #Colts are expected to pursue Trey Hendrickson in a potential tag-and-trade scenario with the #Bengals,” The Polymarket Football X posted on X.

With free agency approaching for Trey Hendrickson, a 2025 injury-filled season that has raised some questions about his value, the uncertainty is back. But the Indianapolis Colts could see an upside.

According to NFL insiders, the Bengals are at least considering the franchise tag. Ian Rapoport and Mike Garafolo both suggested it’s still very much on the table.

Financially, it’s a big decision. The tag would cost about $30.2 million in cash this season and come with a $36.7 million cap hit. The tagging window runs from February 17 to March 3, so they’d have to move quickly.

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If Cincinnati uses the non-exclusive tag, it keeps control of Hendrickson’s rights. Other teams could negotiate with him, but the Bengals would have five days to match any offer. If they decline to match, they’d receive two first-round picks as compensation.

Speaking of the Colts, they’re eyeing the Bengals DE to strengthen a defense that wasn’t bad but definitely needed a serious boost. In fact, the defense has had a pass-rush problem for a while. In 2024, the team had 36, and in 2025, 39 sacks overall. In comparison, the Broncos led the table with 68 sacks.

That’s why the interest in Trey Hendrickson makes sense. There’s a real connection here, too. The former Cincinnati Bengals defensive coordinator, Lou Anarumo, was instrumental in developing him into a legitimate edge rusher during his tenure.

Hendrickson had 17.5 sacks in 2023 and 2024. He’s had at least eight sacks in all four seasons with the Bengals under Anarumo. But just as important, he’s familiar with the system, giving the Colts confidence that Hendrickson could slide right into their system without a learning curve.

Besides the $5.9 billion franchise, a few other teams were interested in Trey Hendrickson, but there’s a strong chance he might never actually hit free agency.

Bengals’ Trey Hendrickson Plans Could Hurt Cowboys, Eagles, Patriots

After an injury-filled season, Trey Hendrickson is probably hoping for a fresh start on the market. But with all the tag-and-trade talk, there’s a good chance the Cincinnati Bengals won’t let him walk away.

“They paid him 30 [million] last year. So it’s not that much more ($36.7 million cap hit),” Rapoport said. “The Bengals hate to let really good players leave the building. They would like to keep good players. It has been no doubt a frustrating couple of years for Trey Hendrickson when it comes to the last year, staying on the field, and the contract negotiations.”

Of course, there’s still a chance both sides simply work things out, and he returns for another season, especially if the Bengals feel confident he can bounce back from the injuries.

In March 2025, Hendrickson’s situation was messy, as he could not find a trade partner, and contract negotiations were not going well. This made many believe that Hendricks wanted to get away from the franchise.

However, the team and Hendrickson were eventually able to renegotiate a deal that increased his salary by $14 million in 2025, making the deal worth $30 million and ending his holdout on August 25.

If Cincinnati keeps him off the open market, that’s tough news for teams like the Dallas Cowboys, Philadelphia Eagles, and New England Patriots, all of whom could use a major boost off the edge. Not only would they need to give up draft picks in a trade, but they’d likely have to hand out a contract exceeding $30 million per year.