The Indianapolis Colts have decided not to pick up the fifth-year option on quarterback Anthony Richardson's rookie contract, allowing the former No. 4 overall pick in the 2023 NFL Draft to become an unrestricted free agent after next season.
Deadline Decision
Friday marked the deadline for teams to decide whether to activate the fifth-year options for first-round picks from the 2023 draft class. Had the Colts exercised the option, Richardson would have been owed a guaranteed salary exceeding $22 million.
Richardson agreed to a trade request back in February, but no deal has materialized yet. The 23-year-old lost his starting role last season after the Colts signed veteran quarterback Daniel Jones, and he has been sidelined since.
Injury Struggles
Richardson's tenure in Indianapolis has been plagued by injuries, limiting him to just 17 games over three seasons. He has also struggled with accuracy, completing only 47.7 percent of his passes during the 2024 campaign.
Last year, he attempted just two passes in two appearances, completing one, after falling behind Jones on the depth chart. He was inactive from mid-October onward following a fractured orbital bone sustained in a pregame accident. Richardson has also missed voluntary offseason workouts.
Depth Chart Dynamics
The Colts signed Jones to a two-year, $88 million contract last month. Jones is expected to remain the starter once he recovers from an Achilles injury. Indianapolis believes 2025 sixth-round pick Riley Leonard can serve as the backup, limiting Richardson's opportunities.
General manager Chris Ballard acknowledged that Richardson could stay but a trade remains possible. "There's definitely a scenario there," Ballard said in March. "He's a good dude, and he's talented. I still want good for Anthony. I still think he's got a lot in him."
After Jones suffered a torn right Achilles while playing through a fractured lower left leg, the Colts endured a seven-game losing streak, eliminating them from playoff contention.
