Story perspectives

Colts Drop $22.5 M Option, Richardson Becomes Free Agent

5/1/2026

Summary

Story summary

The Indianapolis Colts (USA) declined quarterback Anthony Richardson’s fifth-year option, canceling a $22.483 million guarantee for 2027-28.
Richardson, No. 4 pick of 2023 draft, finishes 2026 on his contract and becomes a free agent.
He threw for 2,400 yards, 11 touchdowns, 13 interceptions on a 50.6% rate in 15 starts.
He also rushed for 634 yards and 10 touchdowns.
He missed time after a pre-game warm-up fractured his orbital bone in Week 6, 2025.
Trade talks have found little interest, labeling his market “soft” and virtually nonexistent.
GM Chris Ballard said Richardson still has value and the team is patiently seeking a trade partner.

Summary

Story summary

The Colts locked in Daniel Jones as their starting quarterback with a two-year $88 million contract signed in March, effectively moving Richardson down the depth chart.
Rookie Riley Leonard and sixth-round pick Seth Henigan are listed ahead of Richardson on the roster, meaning he would likely serve as a third-string quarterback if he stays.
Both Anthony Richardson and nickel cornerback Kenny Moore II have formally requested trades, indicating a broader push to reshape the roster.
After filing his trade request, Richardson has been training in Jacksonville and skipped the Colts’ offseason workouts.
With the Friday deadline to decline the fifth-year option passed, Indianapolis must decide whether to keep Richardson as a backup, relegate him to third string, or release him.

History

Historical Context

When the NFL introduced its first hard salary cap in 1994—set at $34.6 million per team—the league also created the fifth-year option for first-round quarterbacks. The 2011 CBA later required player revenue of at least 47 % of league income. Today, Colts GM Chris Ballard declined Anthony Richardson’s option and signed Daniel Jones, illustrating the enduring impact of that 1994 mechanism.

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Story summary

The Indianapolis Colts (USA) declined quarterback Anthony Richardson’s fifth-year option, canceling a $22.483 million guarantee for 2027-28.
Richardson, No. 4 pick of 2023 draft, finishes 2026 on his contract and becomes a free agent.
He threw for 2,400 yards, 11 touchdowns, 13 interceptions on a 50.6% rate in 15 starts.
He also rushed for 634 yards and 10 touchdowns.
He missed time after a pre-game warm-up fractured his orbital bone in Week 6, 2025.
Trade talks have found little interest, labeling his market “soft” and virtually nonexistent.
GM Chris Ballard said Richardson still has value and the team is patiently seeking a trade partner.

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