Full Breakdown
Colts Decline Fifth-Year Option on QB Anthony Richardson
5/1/2026, 7:02:40 PM
Core Decision
The Indianapolis Colts announced they will not exercise the fifth-year option on quarterback Anthony Richardson’s rookie contract. The option, worth a guaranteed $22.483 million for the 2027 season, would have extended his four-year, $33.99 million deal. By declining it, Richardson will enter the final year of his contract in 2026 and become an unrestricted free agent after that season unless a trade is completed beforehand.
Performance, Injuries, and Contract Details
- Career production (through 2025): 2,400 passing yards, 11 touchdowns, 13 interceptions, 50.6 % completion on 15 starts; 634 rushing yards and 10 rushing touchdowns.
- Injury history: Grade-three AC-joint sprain and shoulder surgery in his rookie year; a fractured orbital bone suffered during pre-game warmups in 2025; ongoing recovery from the eye injury.
- Financials: Fifth-year option at $22.483 million; 2026-27 cap hit of $10.816 million. The Colts have also committed $88 million (with $50 million guaranteed) to veteran Daniel Jones, who was named starter in August 2025.
Official Statements & Responses
General manager Chris Ballard indicated the decision required little deliberation, noting he “hadn’t given too much thought” to the option before the May 1 deadline. He confirmed Richardson has formally requested a trade and that the organization is “patient” in seeking a partner, while emphasizing Richardson’s “real value” and “growth” as a young quarterback. Ballard also said the team will evaluate whether Richardson remains as a backup to Jones in 2026 or is released, with rookie Riley Leonard slated as the next-in-line backup.
Criticism & Market Perception
Analysts and fans have criticized Richardson’s benchings, describing the move to remove him from the starting role as “ridiculed” and noting the market for his services as “soft.” ESPN reporter Adam Schefter reported that trade interest has been limited, and the combination of injuries and inconsistent play has deterred potential suitors. The high guaranteed salary attached to the option further discouraged offers.
Timeline of Key Developments
- April 2023: Selected 4th overall in NFL Draft.
- 2023-24 seasons: Split time with Gardner Minshew (2023) and Joe Flacco (2024); multiple injuries and benchings.
- August 19 2025: Daniel Jones wins starting job after training-camp competition.
- Week 6 2025: Orbital fracture incurred in pre-game warmup.
- May 1 2026: Deadline passes without Colts exercising fifth-year option.
Why It Matters
Declining the option frees $22.5 million of guaranteed salary, allowing the Colts to allocate cap space toward proven talent such as Daniel Jones. The decision also signals a shift away from the “four-over-all” quarterback experiment, impacting roster construction and the team’s long-term quarterback strategy. For Richardson, the move places his career at a crossroads—either securing a trade, serving as a backup, or entering free agency.
Conflicting Reports & Gaps
All sources agree the option was declined and that trade interest is limited. However, descriptions of the market range from “soft” to “virtually nonexistent,” reflecting uncertainty about the level of league-wide demand for Richardson.
Verbatim Quotes
- “hadn’t given too much thought” — Chris Ballard, General Manager, Indianapolis Colts
- “Anthony’s not here. He’s also requested a trade,” — Chris Ballard, General Manager
- “I’m not going to say he needs a complete fresh start,” — Chris Ballard, General Manager
- “I still think Anthony [Richardson] has real value in this league, and I've been happy with his growth,” — Chris Ballard, General Manager
- “needed a breather.” — Anthony Richardson, quarterback
What’s Next
The Colts will continue exploring trade options through the offseason. If no partner materializes, Richardson is expected to serve as a backup in 2026 before becoming an unrestricted free agent in 2027. His health status and performance in limited playing time will heavily influence his market value and the Colts’ depth-chart decisions moving forward.
