Cincinnati Bengals News & Rumors

Three Trey Hendrickson trade windows opened this year. The Bengals let the then-disgruntled defensive end shop around in March, as the team moved Tee Higgins higher in its priority queue. In August, as bumpy extension talks persisted, Hendrickson trade rumors reappeared. At the deadline, buzz about Cincinnati being more amenable to moving on emerged.

But the Bengals still set a high asking price that, at the time, bordered on unrealistic. A report earlier this week indicated Cincy was still asking for a first-rounder. Hendrickson being in a contract year weeks from his 31st birthday made that a tough ask from the 3-6 team, and unsurprisingly, no takers emerged. As it turns out, however, the All-Pro may have been available for less than that price.

Teams believed on deadline day the Bengals would have moved on for a second-round pick, according to ESPN’s Jeremy Fowler. While trade talks with that price as the goal appear a bit more logical at this juncture, Fowler adds the Cowboys — who pursued Hendrickson — still viewed that cost as too steep.

Although Hendrickson notched back-to-back 17.5-sack seasons in 2023 and ’24, he has missed two of the past three games with a hip injury. The ninth-year defensive end does have four sacks and eight QB hits this season. Once again, though, the Bengals’ defense has performed poorly.

Hendrickson has provided an undeniable boost, but his presence has not moved the needle much for a team that has once again seen its defense impede a high-powered offense. Even as Joe Flacco‘s arrival has transformed the Bengals’ offensive capabilities — compared to the short Jake Browning period this season — they have lost back-to-back shootouts.

The Bengals were believed to have wanted more than a first-rounder for Hendrickson back in March. Although the Commanders and Falcons were among the teams connected to him, the Bengals balked. They are believed to have received an offer including a second-rounder and change before the draft; again, the team held on as a standoff — one of Cincy’s two contractual staredowns with a D-end this offseason (the other Shemar Stewart‘s rookie terms) — developed and lasted for most of the summer. It would appear the Bengals, only asking for a second this week, dropped their price from that level as well.

A report about the team dropping its price to a second in the summer did not receive much traction, and Hendrickson eventually received a raise — one that did not add any years to his deal. The 49ers, Eagles and Colts joined the Cowboys in pursuing Hendrickson at the deadline, but he will close out the season in Cincinnati.

Cincinnati has not been known as a particularly willing deadline seller, but it now faces the prospect of losing Hendrickson in free agency. Depending on how the Bengals’ free agency math finalizes, a 2027 compensatory pick could be part of this equation. The Bengals following their A.J. Green path and franchise-tagging a 31-year-old standout would not be out of character, though. Hendrickson said he signed his previous one-year, $21MM extension in fear Cincy would tag him in 2025. The Higgins situation not sorting itself out by then, leading to a second tag for the wide receiver, ultimately would have negated that prospect.

A Hendrickson 2026 tag would cost more than $30MM. Considering the help the Bengals will need on defense next year, devoting that kind of money to a tag would divert valuable resources. Hendrickson’s market will be interesting, as an early-30s standout. He pushed the Bengals for post-Year 1 guarantees — a third-rail topic in Cincinnati for most players — so that will naturally be a goal if he reaches free agency for the first time since 2021.

Two previous waves of Trey Hendrickson trade rumors emerged this year. The Bengals let the All-Pro defensive end seek a trade in March, but they set a high asking price. With no traction on an extension in August, trade buzz resurfaced. Again, Cincinnati did not budge far from its asking price — and the parties regrouped on a 2025 raise.

The Bengals are now 3-6, and their defense has not improved from a rough 2024 season. The team is now the first since the 1970 merger to score a combined 80 points in a two-game span and lose both contests. The second of those setbacks, though, came without Hendrickson in the lineup. But the Bengals are now close to falling out of contention. With Hendrickson not tied to the team beyond 2025, clubs are naturally interested in seeing (again) what it will take to pry the sack ace from Cincinnati.

[RELATED: Lessons From Recent NFL Trade Deadlines]

Even though we are halfway through the season and Hendrickson is a rental chip, The Athletic’s Dianna Russini indicates the Bengals are still informing teams it will take a first-round pick to add Hendrickson. Several teams — including the 49ers, Cowboys and Colts — have inquired, and it appears the Bengals will keep listening. The Eagles also asked on Hendrickson but moved to Jaelan Phillips.

That is a high cost for a rental chip — one that may scuttle any deal — even after Phillips brought back a third. Like Montez Sweat (who fetched the Commanders a second-round pick in 2023, Phillips is on a rookie contract and is in his mid-20s. Hendrickson will turn 31 before season’s end. Bradley Chubb fetched a first-rounder in a 2022 rental trade, and the Bengals are probably eyeing that as a comp. Chubb, though, was 26 when that Broncos-Dolphins trade unfolded. Miami extended Chubb soon after. Hendrickson has been seeking an extension for years, but the Bengals have been reluctant to include guaranteed money beyond Year 1 — a franchise sticking point that has caused drama in this relationship.

In March, it was believed the Bengals were asking for a first-rounder and more for Hendrickson. Teams viewed that as too steep. In August, it was believed Cincy had lowered its asking price. Though, nothing happened. The Bengals had even rejected a trade offer including a second-rounder and change before the draft. The sides then huddled up on a raise, which effectively tabled negotiations until 2026 — when a pricey franchise tag could be in play.

While tagging Hendrickson at $30MM-plus might be a long shot at his age, the Bengals used a tag on A.J. Green when he was 31. Dealing Hendrickson now would end the sides’ five-year partnership and give another team exclusive negotiating rights ahead of free agency. The Bengals, who were believed more likely to retain Hendrickson than dangle him in deals once again, are clearly still planning to place a high price on the decorated EDGE to pass on a potential tag and re-up talks.

A first-rounder will still be too steep, in all likelihood, for interested teams — especially now that Hendrickson has missed two of the past three games with a hip injury. It will be interesting to see if more comes from this, as a price drop could reignite this market. Hendrickson is not the only Bengal drawing interest, per Russini, and Outkick.com’s Armando Salguero adds the view inside the team’s building appears to be shifting toward listening to trade offers — including a potential Hendrickson swap. This echoes a recent report about increased flexibility on the Hendrickson front.

Hendrickson has four sacks this season and posted an NFL-high 35 between the 2023 and ’24 slates, but unless the Bengals reduce their asking price again, he will almost definitely finish a fifth season in western Ohio.