So far, no takers for the services of Indianapolis Colts quarterback Anthony Richardson. He requested a trade early this offseason, and the team wanted to oblige him. The task to find a trade partner, however, fell on Richardson and his agent.
One might have thought that if a trade was going to happen, it might happen before the 2026 NFL draft, when Indy could use any draft capital gained from the deal. Potentially, teams that didn't acquire a quarterback they like in the draft will not make a move for Richardson. Either way, Indianapolis has a decision looming on the QB that the team is certain to pass on.
By May 1, the Colts must decide to pick up Richardson's fifth-year option. While the quarterback doesn't seem to have any path to starting for Indy again, picking up his option might help get him traded.
Indianapolis Colts have a May 1 deadline looming with Anthony Richardson
The reason is that a team who does deal for Richardson, and no fifth-year option has been picked up, would only have one season to evaluate his fit with the new team. He isn't expected to start anywhere in 2026, so maybe no team feels the need to give general manager Chris Ballard a future draft for a player who might not be on the new team when the pick is made.
Having two years to evaluate a player would certainly be a better situation for a prospective trade partner. The risk is that picking up the fifth-year option forces the Colts to pay the quarterback if he is never moved.
The money isn't small either. His projected fifth-year option would be $22.4 million to $23.55 million, and that is why the Indianapolis Colts are extremely unlikely to exercise the option. For one, Indy doesn't want to pay that amount, and two, a new team, not knowing how long Richardson should be a part of their team, wouldn't want to pay it either.
A better chance exists that Anthony Richardson is never traded, and the team eventually releases him. That could create $10,816,282 in dead cap, and save Indy literally nothing. The release would open up a roster spot for another position, such as edge rusher, though.
The assumption is that Daniel Jones will be the long-term starter at quarterback and Riley Leonard will be his backup for at least three more seasons. Richardson is no better than QB3.
The advantage of trading Richardson in terms of cash is that the team would save $5,385,549. The Colts don't want to pay the quarterback at least $22 million in 2027, though, and that is why May 1 will arrive and pass without the Colts picking up Richardson's fifth-year option.
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