Trey Hendrickson Fits the Colts’ Biggest Need — at a Cost

The Indianapolis Colts need pass-rush help, but Trey Hendrickson’s price could test how far Indy is willing to go.

Cincinnati Bengals defensive end Trey Hendrickson (91) celebrates as time winds down in the fourth quarter of the NFL Week 1 game between the Cleveland Browns and the Cincinnati Bengals at Huntington Bank Field in Cleveland on Sunday, Sept. 7, 2025. The Bengals begin the season with a 17-16 win over the Browns. | Sam Greene/The Enquirer / USA TODAY NETWORK via Imagn Images

The Indianapolis Colts are going to be connected to every premium pass rusher this offseason, and that includes Trey Hendrickson. The question is not whether Hendrickson fits, but whether the cost aligns with how this front office usually builds.

Pro Football Focus projects Hendrickson to command a one-year deal worth roughly $21 million, with some significant guarantees attached. That figure alone puts him outside the comfort zone that the Indianapolis front office has historically operated within.

Hendrickson is set to become an unrestricted free agent in 2026 after his contract with the Cincinnati Bengals expires, triggering a $6.5 million dead-cap hit for Cincinnati, signaling a likely split between the two.

Cincinnati Bengals defensive end Trey Hendrickson (91), left, and Cincinnati Bengals defensive end Sam Hubbard (94) celebrate a sack in the second quarter during a Week 16 NFL game against the Baltimore Ravens, Sunday, Dec. 26, 2021, at Paul Brown Stadium in Cincinnati. | Kareem Elgazzar/The Enquirer / USA TODAY NETWORK via Imagn Images

Market projections have shown a wide range of outcomes. Estimates span from a one-year, $21 million deal with roughly $17 million guaranteed to a two-year contract nearing $51 million, pushing his average annual value into the $25 million range.

Those numbers come in lower than expected for a player of Hendrickson’s caliber, largely due to context. He turns 31 this upcoming season and was limited to seven games in 2025 by a core muscle injury that ultimately required surgery.

Even in limited action, Hendrickson’s impact remained undeniable. He finished sixth among all edge defenders in PFF pass-rush grade at 90.0.

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Trey Hendrickson is a special player, who rarely hits free agency.

Seasons with 17 or more sacks:
Trey Hendrickson = 2 (2023 & 2024)
TJ Watt = 2
Myles Garrett = 1
Khalil Mack = 1
Nick Bosa = 1
Von Miller = 1
Micah Parsons = 0
Maxx Crosby = 0
Danielle Hunter = 0 pic.twitter.com/jMHnubQKdU

— Nick Whalen (@_NickWhalen) January 29, 2026

Indianapolis has been circling this situation for some time. The Colts were linked to Hendrickson back in the 2025 offseason and again near the trade deadline, signaling sustained interest.

That connection deepens with defensive coordinator Lou Anarumo, who coached Hendrickson during his most productive stretch in Cincinnati. Under Anarumo, Hendrickson produced 57 sacks in 65 games and earned four Pro Bowl selections.

From a roster standpoint, the need is clear. Indianapolis finished 15th in the league with 39 sacks in 2025, with second-year defensive end Laiatu Latu leading the team at 8.5.

Hendrickson would instantly change the structure of this pass rush. He is not just a sack artist, but a consistent pressure generator who tilts protection packages.

Oct 5, 2025; Cincinnati, Ohio, USA; Detroit Lions quarterback Jared Goff (16) is tackled by Cincinnati Bengals defensive end Trey Hendrickson (91) during the fourth quarter at Paycor Stadium. Mandatory Credit: Katie Stratman-Imagn Images | Katie Stratman-Imagn Images

The complicating factor is the cost beyond the contract itself. If Cincinnati applies the franchise tag, projected at around $30 million, any acquisition would likely require draft compensation via a tag-and-trade.

That scenario would push the total investment well beyond cap dollars. It would force Indianapolis to weigh premium assets against a player entering his early thirties.

A clean free-agent pursuit appears more likely, as reports suggest the odds of Hendrickson returning to Cincinnati are slim. Even then, committing $25 million annually would mark a philosophical shift in Indianapolis GM Chris Ballard's tenure.

The projected 2026 salary cap north of $300 million offers flexibility, but the Colts also face looming extensions internally. Hendrickson fits the need perfectly, yet the price may ultimately define how serious Indianapolis is about making the acquisition.

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