With NFL free agency rapidly approaching, speculation is running wild about where the biggest prizes in the 2026 cycle will end up. In a recent article, Gilberto Mazano and Matt Verderame of SI.com made their best guesses regarding 50 of the top names. The Indianapolis Colts figured prominently in their assessment.
Five of Indy’s pending free agents were in the top fifty, including three in the top eleven. The Colts were named as one of the two most likely destinations for four of their own UFAs, and were also named as likely for a couple of players from other teams.
One of those players from another team came at the very top of the list. According to Mazano and Verderame, Cincinnati edge rusher Trey Hendrickson has a pretty good chance of reuniting with his former defensive coordinator, Lou Anarumo, in Indianapolis next season.
Could the Indianapolis Colts really land the biggest prize in free agency?
The SI writers project Hendrickson will get a deal in the three-year/105 million dollar range. That seems fitting for a player who has been extremely productive but will also turn 32 before the 2026 season is over.
That average salary would slot him just behind the league’s elites like Myles Garrett and Micah Parsons. It is also one year shorter than the Garrett and Parsons deals. They are both younger than Hendrickson.
The Colts have a desperate need for pass rush help, and Hendrickson is the most-proven commodity currently on the market. Indy does not have a first-round draft pick this year and therefore does not have a shot at any of the elite edge rushing prospects through that route.
Samson Ekuban, Tyquan Lewis, and Kwity Paye are all pending UFAs, which means the Colts only have one of their top four pass rushers locked in for 2026. Fortunately, that is their best defensive player, Laiatu Latu.
Chris Ballard is unlikely to pursue either Ebukam or Lewis, both of whom are on the downside of their careers. He might try to re-sign Paye, which would provide some continuity. But Paye is more of a steady two-way player. He has never developed into a plus-pass rusher.
A tandem of Latu and Hendrickson would be formidable. The Bengal star had a five-year run from 2020-2024 in which he piled up 60.5 sacks in addition to more than 60 tackles-for-loss. He put up 35 sacks over 2023-2024 alone and was a first-team All-Pro selection in ’24.
He really blossomed when Anarumo came to the Bengals, so there should be a comfort level between player and coach. He missed half of 2025 with a core muscle injury in the hip/pelvis area that eventually required surgery. But his recovery appears to be on schedule.
Though teams are always concerned about injuries to players on the wrong side of 30, defensive linemen like Hendrickson seem better able to return to form than players who rely on raw speed to a greater degree. Most analysts expect Hendrickson to have a very productive season wherever he ends up.
How likely is Indianapolis that landing spot? The other team mentioned as a likely destination – the New England Patriots – is in a very similar salary cap situation. Both New England and the Colts have decent money to spend, but both also have to be careful about breaking the bank on a single player.
The Patriots obviously are an up-and-coming team with a defensive-minded head coach adored by his players.
With the iffy status of Daniel Jones, as well as several other key players, the Colts seem like a riskier choice. Considering the tenuous status of both GM Chris Ballard and head coach Shane Steichen, that could tip the scales toward the Patriots if the offers are close.
But Indianapolis does have a strong case. Jones is likely to be back next year. The Colts have a very good offense, built around one of the best lines in the league. Hendrickson is the exact type of player who could elevate the entire defense. That, along with the presence of Anarumo, should be a strong incentive.
In the end, it will come down to money. This is where the Colts may struggle to compete. Though they have a nice salary cap surplus, Ballard has to re-sign (or replace) several very productive players. Jones, Paye, Alec Pierce, Braden Smith, and Nick Cross are all pending free agents. Ballard almost certainly has to hold onto Jones, and he will make a major effort to re-sign Pierce.
Will there be cash left over for Trey Hendrickson? Time will tell. It would be very nice if Ballard can make it all work, because a Colts team with a healthy Daniel Jones, Alec Pierce, and Trey Hendrickson in 2026, would be a strong contender in the AFC South.