Trade Proposal Lands Colts Massive Upgrade at Steep Price

The Indianapolis Colts face a reality where they'd need to surrender a key talent to elevate the defense.

Dec 28, 2025; Indianapolis, Indiana, USA; Indianapolis Colts wide receiver Josh Downs (2) attempts to catch a pass against Jacksonville Jaguars cornerback Jarrian Jones (22) during the first half at Lucas Oil Stadium. Mandatory Credit: Robert Goddin-Imagn Images | Robert Goddin-Imagn Images

Superstar edge rusher, Trey Hendrickson, has consistently been linked as a perfect fit for the Indianapolis Colts for two prominent reasons: Indy desperately needs more juice off the edge, and Hendrickson played his best football with defensive coordinator Lou Anarumo.

Given that the Colts need to re-sign quarterback Daniel Jones and wide receiver Alec Pierce, the available cap space needs to be valued, so getting Hendrickson will be tougher than it seems.

Hendrickson will have an expensive price tag, and the Colts don't have an insane amount to spend, making this reunion with Anarumo a bit trivial.

However, Cincinnati Bengals on SI publisher James Rapien came up with a scenario that makes it even harder on the Colts.

He proposes that the Cincinnati Bengals franchise tag Hendrickson to then trade him to Indy for none other than wide receiver Josh Downs.

Mock trade idea from Bengals OnSI’s @JamesRapien 👀#Colts receive:
▫️ Trey Hendrickson#Bengals receive:
▫️ Josh Downs

Fair swap or overpay? pic.twitter.com/euTRxI83Hr

— SleeperColts (@SleeperColts) February 24, 2026

On paper, this seems like a possible trade. However, one player puts a wrench into this one: Michael Pittman Jr.

Pittman is a potential cap casualty for Indianapolis, as he counts $29 million against the Colts' cap. This is almost 10 percent of the funds available (9.47).

Two scenarios can play out for Pittman and the Colts. First, Indianapolis is almost guaranteed to avoid outright taking this amount on the chin for 2026, so I'd assume Chris Ballard would extend Pittman.

This would allow the Colts to space out what he's owed to allow more wiggle room for free agency additions and paying their 2026 draft picks.

The second scenario is the Colts trade or cut Pittman to free up $24 million for the 2026 season. This is the quickest and most effective way to get money to sign a player like Hendrickson.

#Colts WR Michael Pittman Jr.:

“I’m hoping it’s not, but if this was my last (season), then I’ve really had a great time playing here.”

“Every player is self-aware. I know I didn’t cut it. … Hopefully they bring me back, but whatever happens … I’ll always be a Colt.” pic.twitter.com/IYG72c52fo

— James Boyd (@RomeovilleKid) January 4, 2026

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Now, it's time to detail why trading Downs would be a mistake for Indianapolis using both scenarios.

First, if the Colts were to extend Pittman and free up some cap space, it's unlikely they'll be able to afford to pay Jones, Pierce, and trade for an expensive asset like Hendrickson.

Even if Pittman stays, trading Downs takes away a key piece of what made the Colts' offense nearly unstoppable for a portion of the 2025 campaign.

Rapien notes that Downs had an underwhelming season in 2025, but he also played with three different quarterbacks (Jones, Philip Rivers, Riley Leonard).

Regardless, Downs is the go-to slot option, and surrendering him to break their cap availability in paying Hendrickson could be a blunder.

Dec 22, 2025; Indianapolis, Indiana, USA; Indianapolis Colts wide receiver Josh Downs (2) looks to move past San Francisco 49ers cornerback Darrell Luter Jr. (28) during the first quarter at Lucas Oil Stadium. Mandatory Credit: Grace Hollars-USA TODAY Network via Imagn Images | Grace Hollars-USA TODAY Network via Imagn Images

Now, let's say the Colts cut ties with Pittman and free up $24 million to pay Hendrickson. It makes even less sense, as the Colts would lose Pittman and Downs.

This would force Ballard into having to address two voids, leaving Shane Steichen with only Pierce and Tyler Warren as the prominent pass-catchers.

Ballard would likely have to use either the second or third round picks for a wide receiver while also signing someone off the free agent market.

It's an intriguing tag and trade idea from Rapien, but the Colts can't afford this. Whether it's financially or for the roster, Ballard wouldn't be wise to execute this hypothetical move.

If the Colts were to acquire Hendrickson, the only avenue that makes the most sense is to outright sign him, if the Bengals don't tag the four-time Pro Bowler.

If the Bengals tag Hendrickson, Indy should completely avoid pursuing the dominant edge rusher and focus more on finding talent through the draft. They can also sign a different free agent that is less expensive with less risk cap-wise.

Anything can happen with a team that has as much on the line as the Colts, but if they trade off Downs, it will somewhat cripple the offense ahead of a critical 2026 season.