Although Anthony Richardson has considerable athletic upside, he has struggled mightily since being drafted fourth overall three years ago. Richardson’s issues and Daniel Jones‘ new contract left the Colts with an easy fifth-year option decision.
Indianapolis will decline Richardson’s option by Friday’s deadline, Fox59’s Mike Chappell reports. The option would have cost the Colts $22.48MM in 2027 guaranteed money. Richardson lost a QB competition to Jones last year and suffered what turned out to be a season-ending eye injury off the field. Jones has since received the transition tag and signed a two-year, $88MM extension.
[RELATED: 2027 NFL Fifth-Year Option Tracker]
The Colts did not receive any calls on Richardson during the draft, GM Chris Ballard confirmed. The QB has requested a trade, and while some interest was believed to have emerged earlier this offseason, the sides are in a holding pattern.
While Richardson’s fifth-year option was never believed to be much of an internal debate, he is tied to $10.82MM in guaranteed 2026 compensation. It might take the Colts, as the Jets did with Zach Wilson in 2024, taking on some of that contract-year guarantee to facilitate a trade.
The late Jim Irsay championed Richardson coming out of the draft, indicating the Colts would have probably taken him at No. 1 overall had they held that choice. Bryce Young went first overall that year, with C.J. Stroud coming off the board one spot later. The Colts, after their Jeff Saturday-coached 2022 season placed them in the No. 4 draft slot, drafted Richardson — a one-year starter out of Florida. Richardson’s one Gators season produced a sub-54% completion rate, but he presented tantalizing athleticism at that year’s Combine. The Colts made the pick and have since regretted it.
Only eight QBs have thrown 200-plus passes in a 21st-century season and completed less than 50% of them; Richardson became No. 8 in 2024, completing just 47.7% of his throws. That season included more injury trouble for Indy’s dual threat, but a bizarre sequence in which Richardson asked out of a game in Houston due to fatigue prompted intense internal and external scrutiny. Richardson’s preparation habits drew criticism in the aftermath of that strange sequence, and Shane Steichen temporarily benched him for then-backup Joe Flacco. Jones was then signed to a one-year deal to serve as competition. Despite the Vikings offering a better deal, the ex-Giants starter viewed the Indianapolis gig as presenting a better chance to start.
Weeks after Jones won the job, Richardson suffered an orbital bone fracture during a pregame warmup. The Colts designated the 6-foot-4 QB to return from IR late in the season but never activated him, going with the unretired Philip Rivers and sixth-round rookie Riley Leonard to close the slate. Richardson trade rumors had emerged dating back to 2024, and after Jones’ season running the offense, he asked out in early March of this year.
Vikings interest was rumored, and the Packers were then linked to the depressed Colts asset. Minnesota signed Kyler Murray for the veteran minimum following his Arizona release, but Green Bay — after losing Malik Willis in free agency — did not make a notable addition via free agency or the draft. The Chiefs also considered Richardson but ultimately traded for Justin Fields.
Ballard said recently Richardson could stay in Indianapolis, but that should be considered unlikely. Leonard would be positioned as Jones’ backup in the event of a trade. This situation could drag on a while. The next step will be Richardson’s potential attendance at OTAs and minicamp.
Ah yes… Anthony Richardson, first round draft pick, brought to you by the same people who gave you Jeff Saturday, NFL head coach.