Indianapolis Colts Face Tough Decision in Potential Blockbuster Trade
The Colts have frequently been mentioned as a logical landing spot for star edge rusher Trey Hendrickson, largely because Indianapolis needs more pass-rush production and because Hendrickson previously thrived under defensive coordinator Lou Anarumo.
However, making that move would be complicated. Indianapolis must also account for potential new deals for quarterback Daniel Jones and wide receiver Alec Pierce, meaning cap flexibility is limited. Hendrickson would command a significant salary, making any reunion with Anarumo financially challenging.
A proposed solution from Bengals reporter James Rapien adds another layer of difficulty. In his scenario, the Cincinnati Bengals would use the franchise tag on Hendrickson and then trade him to Indianapolis in exchange for wide receiver Josh Downs.
While the idea is intriguing on the surface, it becomes far more complicated when factoring in Michael Pittman Jr.. Pittman carries a $29 million cap hit in 2026, nearly 10 percent of the team’s projected space.
Two Paths With Pittman
Indianapolis essentially has two options regarding Pittman. The first would be extending him to spread out his cap hit and create more short-term flexibility. That approach, however, would still make it difficult to re-sign Jones and Pierce while also absorbing Hendrickson’s contract in a trade.
The second option would be releasing or trading Pittman to clear roughly $24 million in cap space for 2026. That would open room for Hendrickson but create another major hole in the offense.
Why Trading Downs Creates Bigger Problems
If the Colts extend Pittman and still trade Downs, they would weaken a passing attack that showed explosive potential in stretches of 2025. Downs served as the primary slot target and operated with three different quarterbacks — Jones, Philip Rivers, and Riley Leonard — which helps explain any statistical dip.
On the other hand, if Indianapolis parts ways with Pittman and also trades Downs, the offense would be stripped of two key weapons. That scenario would leave general manager Chris Ballard scrambling to replace multiple receivers, likely using valuable draft capital while also dipping into free agency. Head coach Shane Steichen would be left building around Pierce and tight end Tyler Warren as the primary pass-catchers.
Best Course of Action
While the tag-and-trade proposal is creative, it presents financial and roster-building risks that may outweigh the benefit of adding Hendrickson. If Cincinnati declines to tag the four-time Pro Bowler, Indianapolis could explore signing him outright. But if a franchise tag is involved, the Colts may be better served preserving their offensive core and targeting pass-rush help through the draft or a more affordable free agent.
With significant stakes heading into 2026, sacrificing Downs in a costly trade could ultimately do more harm than good for Indianapolis.
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