Colts Won’t Pick Up Anthony Richardson Sr.’s Fifth-Year Option
The Indianapolis Colts will not pick up the fifth-year option on quarterback Anthony Richardson Sr.’s rookie contract, a source told Mike Chappell of FOX59/CBS4.
The decision was expected and was made ahead of the NFL’s May 1 deadline.
Exercising the option would have guaranteed Richardson $22.483 million for the 2027 season, a significant financial commitment the Colts were never seriously considering. GM Chris Ballard had said as recently as last Saturday that he “hadn’t given too much thought” to the option, signaling how straightforward the decision was.
“Nothing surprises me anymore,” Ballard told reporters following the 2026 NFL Draft, when asked about the lack of trade suitors. “We have a little patience here and see what happens. So we’ll just kind of let it play out as it does over time.”
Richardson, the fourth overall pick in the 2023 draft out of Florida, will enter the final year of his rookie contract in 2026 and become an unrestricted free agent next offseason. In three seasons with Indianapolis, he has appeared in only 17 games — a stretch defined by shoulder surgery in his first year, a mid-season benching in favor of Joe Flacco in 2024, and an orbital bone fracture suffered in a freak pregame warmup accident last October that ended what was already a lost 2025 campaign.
That injury occurred when an apparatus used to attach warm-up bands malfunctioned and struck Richardson in the face. He was placed on injured reserve in Week 6 and never returned, finishing the season with 9 passing yards on the year.
His 2025 season had already been difficult before the injury. Richardson lost a preseason quarterback competition to Daniel Jones and was serving as the backup when Jones, who is himself recovering from a torn right Achilles suffered in December, tore his knee and was eventually replaced by unretired veteran Philip Rivers and sixth-round pick Riley Leonard.
The Colts subsequently signed Jones to a two-year, $88 million extension this offseason, making clear where the organizational priorities lie. Richardson requested and received permission to seek a trade in late February.
Interest has been almost nonexistent. The Vikings were briefly linked to Richardson, the Packers were mentioned after losing Malik Willis in free agency, and the Chiefs were said to have considered him before trading for Justin Fields. None of those conversations produced an offer. The Colts received no calls on Richardson during the draft itself.
Richardson, who turns 24 later this month, retains considerable physical upside that teams acknowledge but have not been willing to pay to develop. His guaranteed 2026 salary of $10.82 million is believed to be a factor keeping suitors away. If no trade materializes, he could open the season as the third quarterback in Indianapolis, behind Jones and Leonard, who impressed in his lone 2025 start.
“I still think Anthony has real value in this league,” Ballard said ahead of the draft. “He’s an extremely talented young man.”
Whether another organization shares that belief, and is willing to accept his contract to find out, remains the open question.