Colts Made Offer To Trey Hendrickson
In re-signing quarterback Daniel Jones and wide receiver Alec Pierce for up to $204MM this week, the Colts made a pair of major investments at the outset of free agency. The Colts were also involved in the derby for defensive end Trey Hendrickson, per ESPN’s Stephen Holder of ESPN, who reports they offered a deal worth around $25MM per year. That was not enough to match the Ravens’ winning proposal of four years and $112MM.
The Ravens reeled in Hendrickson the day after a blockbuster Maxx Crosby trade with the Raiders fell apart. Had Crosby passed his physical and ended up in Baltimore, perhaps Indianapolis would have stood a better chance to sign Hendrickson (Ravens GM Eric DeCosta wanted to acquire both players, though).
In moving to Indianapolis, Hendrickson would have reunited with Colts defensive coordinator Lou Anarumo. While playing for Anarumo in Cincinnati from 2021-24, Hendrickson racked up a whopping 57 sacks and earned all four of his Pro Bowl nods.
The Colts had been interested in the 31-year-old Hendrickson since his preseason holdout last summer, Holder relays. They were also in on Hendrickson leading up to the Nov. 4 trade deadline, but the Bengals elected to keep him for the rest of the year. However, a nagging hip injury prevented Hendrickson from taking the field after Oct. 26. Hendrickson ended the season with four sacks in seven games, but he nevertheless earned a massive payday thanks to an elite track record as a pass rusher.
The Colts’ defense ranked a decent 15th in sacks last year, but it was a bottom-feeding 30th in pass rush win rate. They have since lost edge rushers Kwity Paye and Samson Ebukam to free agency. Paye signed a three-year, $48MM contract with the Raiders, while Ebukam inked an undisclosed deal with the Falcons. To replace those two, the Colts brought in Arden Key for up to $20MM over two years and Micheal Clemons on a three-year, $17.5MM pact. Key and Clemons are not close to Hendrickson’s level, but the Colts will rely on the pair to provide useful complements to their top edge rusher, Laiatu Latu.
DeCosta: Ravens Planned On Signing Trey Hendrickson In Addition To Maxx Crosby
The Ravens remain at the heart of the NFL’s most notable (and controversial) storyline of the offseason. Shortly after backing out of the trade agreement which would have sent Maxx Crosby to Baltimore, the team agreed to terms with free agent Trey Hendrickson. 
GM Eric DeCosta spoke about the matter recently at a press conference. Notably, he said (via ESPN’s Jamison Hensley) the Ravens’ initial plan was to sign Hendrickson while also following through on the Crosby trade. Baltimore’s push to sign the former Bengals sack artist picked up late Tuesday, a point well after the free agent negotiating window opened but before – officially, at least – the Crosby trade fell through.
DeCosta said he was “gutted” about the fact his agreement with Raiders counterpart John Spytek was not finalized. The Ravens were set to send their first-round pick in 2026 and ’27 to Vegas for Crosby, who now remains under contract with Vegas.
The All-Pro’s future is once again in question, although he appears to be on course to continue his decorated run with the franchise. Crosby continues to rehab surgery following a meniscus repair; a failed physical led to the trade being called off, though DeCosta did not specifically reference Crosby’s medical testing when reflecting on this high-profile saga.
The timing of this matter proved to be impactful, with Monday marking (as usual) the busiest point on the calendar with respect to free agent deals being agreed to. Vegas in particular was active, with edge rusher Kwity Paye among the players set to be brought in. As Hensley’s colleague Jeremy Fowler notes, Crosby’s Baltimore physical did not take place until Tuesday. Many dominoes had already (unofficially) fallen by then, a sore spot for critics of how this situation has been handled.
While no league rules were broken, the Ravens’ decision to back out of the Crosby deal has led many to expect backlash from other GMs. DeCosta said, however, that his phone has not stopped ringing with the new league year continuing to unfold. It will nevertheless be interesting to see how future dealings with Baltimore take place moving forward.
Sack production was a major issue for Baltimore in 2025, making it no surprise the Crosby trade was worked out in the first place or that a big-ticket Hendrickson deal was signed. Dianna Russini of The Athletic reports Baltimore planned on restructuring Crosby’s contract (which runs through 2029 and is based heavily on base salaries) upon arrival. She adds, however, that doing so would have moved him near the top of the pass rush market and thus made a Hendrickson pact difficult to arrange given Baltimore’s cap situation.
Of course, that is now a moot point with Crosby set to continue with the Raiders or be traded to another team. Nonetheless, DeCosta’s remarks are certainly noteworthy in the wake of the criticism he has faced. Whether or not Hendrickson winds up being paired with one of the few low-cost EDGE options still on the market or a high draft choice in April will make for a storyline worth following.
Ravens To Sign DE Trey Hendrickson
Making the decision to wave off the Maxx Crosby trade Tuesday, the Ravens will add the best edge rusher left available. Trey Hendrickson is signing with the team, NFL.com’s Ian Rapoport and Tom Pelissero report.
Hendrickson agreed to a four-year, $112MM deal with Baltimore, ESPN’s Adam Schefter reports. That contract comes in south of where Crosby’s resides on the Raiders’ payroll. Hendrickson agreed to a contract that includes $60MM guaranteed at signing, Schefter adds. That will bring the 10th-year veteran pass rusher guarantees beyond Year 1 — something he targeted during his yearslong Bengals negotiating saga.
[RELATED: Raiders Prepared To Keep Crosby; Latest On Trade Breakdown]
Incentives can take the two-year total to $64MM, Rapoport tweets, with Schefter adding eight-, 10- and 12-sack benchmarks are in place. A $500K incentive covers Hendrickson in sacks, meaning most of this deal goes to base value. The $60MM full guarantee ranks in the top 10 at the position, though it is not yet known where Jaelan Phillips and Odafe Oweh ended up in terms of locked-in money.
The Crosby fallout may have benefited Hendrickson. Most teams viewed the 31-year-old All-Pro EDGE as being set to land a deal in the $24-$25MM-per-year range, per The Athletic’s Dianna Russini. SI.com’s Albert Breer indicates $25-$27MM represented the range, helping explain why Hendrickson lingered in free agency. As of Tuesday, roughly a $10MM gap existed between Hendrickson’s camp and teams’ early offers.
As CBS Sports’ Jonathan Jones notes, Crosby has about four years and $116MM left on his Raiders contract. The Ravens will shift to a free agent and retain their first-round picks, something the California Post’ Vincent Bonsignore notes does not appear to be going over well in some league circles. The Ravens stayed in touch with Hendrickson’s camp Tuesday, Russini adds, noting most in the building knew the ex-Bengal was set to join the team.
The Colts and Eagles are also believed to have made offers, Russini adds. An Indianapolis agreement would have reunited Hendrickson and Lou Anarumo, while Philly is still searching for a replacement for Jaelan Phillips. While those two clubs missed out, the Ravens have completed a shocking turn of events, ruffling feathers in the process.
The Bills, Buccaneers and Commanders were also involved in the Hendrickson derby, ESPN’s Jeremy Fowler adds. Philly’s involvement here is classified as a late entrance, per Fowler, who adds the Colts believed they were close. The Bucs were offering a short-term deal. Hendrickson was connected to interest in joining the Bucs, as he is an Orlando native who played college ball at Florida Atlantic.
The Bills were also involved in a Crosby trade pursuit, while the Commanders pivoted to K’Lavon Chaisson shortly before the Hendrickson-Baltimore news emerged. Washington was in this market until the end, per ESPN.com’s John Keim, explaining the Chaisson deal’s timing.
It is worth wondering when the Ravens began discussing Hendrickson. Trades are not official until the start of the new league year (3pm CT today). It can be assumed Baltimore was all-in on Crosby, but Russini adds the team was familiar with the Raiders edge rusher’s rehab timeline. Crosby is recovering from meniscus surgery, a monthslong process that is not expected to affect his Week 1 availability, and some around the league view this as simply the Ravens getting cold feet on unloading two first-round picks. Hendrickson is nearly two years older than Crosby, but not costing two first-rounders is rather significant.
The Hendrickson market looked to see a mystery team emerge Tuesday afternoon, per NFL.com’s Mike Garafolo, who indicates teams became leery of this stealth suitor. That is widely believed to be the Ravens, who knew hours before the Raiders’ social media announcement they would be nixing the Crosby trade.
While this sets a bad precedent, such options are available to teams under a setup in which deals can be agreed to weeks in advance — as the 2021 Jared Goff–Matthew Stafford trade reminds — of the new league year before becoming official. The unraveling of the Ravens-Raiders’ Crosby trade took hours, Garafolo adds. Hendrickson came into the picture for the AFC North team at that point.
PFR’s No. 4-ranked free agent, Hendrickson scores a deal that lands between Phillips (our No. 3 FA) and Oweh in terms of AAV. His $28MM number is much better than where he was during most of his Cincinnati tenure. Hendrickson had signed a four-year, $60MM Bengals deal in 2021 before agreeing to a one-year, $21MM extension in 2023.
Hendrickson pursued an extension for years in Cincinnati, but the Bengals stood their ground and refused to offer post-Year 1 guarantees — an organizational precedent except in rare cases (Joe Burrow, Ja’Marr Chase) — during last year’s standoff. A one-year, $29MM pact ended up being the late-summer resolution. The Bengals offered their top pass rusher a backloaded three-year, $95MM deal; he passed, leading to the August raise. The Bengals were linked to a 2026 Hendrickson franchise tag, but it would have come in well north of $30MM. Cincy passed and will move on, having agreed to sign Boye Mafe.
While Crosby probably has more long-term upside, Hendrickson put together a dominant run in the 2020s. The Bengals sack ace finished back-to-back seasons with 17.5 sacks and has two more campaigns (2020, 2021) with at least 13. After a belated breakthrough in a contract year (2020) with the Saints, Hendrickson helped the Bengals to Super Bowl LVI in his debut Ohio season. Hendrickson recorded at least 24 QB hits from 2020-24, topping out at 36 in managing to finish as Defensive Player of the Year runner-up on a bad 2024 Cincinnati defense.
Last year, hip trouble ended up shutting Hendrickson down after five games. The four-time Pro Bowler underwent core muscle surgery in December. That adds a layer to this edge rusher switcheroo, though the Ravens obviously do not expect Hendrickson to be delayed in coming back in time for the regular season. Wherever Crosby plays in 2026, he is expected to be on the field in Week 1 as well.
Never trading a future first-round pick for a veteran player in their 30-year history, the Ravens also have not been big spenders at the EDGE position since Terrell Suggs‘ Baltimore run ended. The team franchise-tagged Matt Judon but did not re-sign him, moving to Oweh’s rookie deal and a host of veteran stopgaps. This strategy, which included an Oweh trade midway through last season, led to Baltimore ranking 30th in sacks last season. The team will bet on Hendrickson recapturing his pre-injury form, while we wait to see where Crosby will end up.
Titans Interested In Trey Hendrickson; DE Holding Firm On Asking Price
11:00pm: The gap between Hendrickson’s asking price and the offers of interested teams was roughly $10MM per year as of this morning, according to CBS Sports’ Jonathan Jones. There will certainly need to be significant movement one way or the other for an agreement to be reached in this case.
11:09am: The Titans were among the busiest teams on Monday, working out several big-money deals at the outset of the negotiating window. There is still room for a pass rush signing, though, and one of the top options still available is of interest to Tennessee. 
Trey Hendrickson is among the players on the team’s radar, per Terry McCormick of TitansInsider.com. Tennessee recently swung a trade for Jermaine Johnson, and the team’s defensive front will be aided once the John Franklin-Myers signing becomes official. Much of the Titans’ early spending came on offense or at the cornerback position, however, and it will be interesting to see if general manager Mike Borgonzi and Co. will be willing to make another splash for Hendrickson.
The likes of Jaelan Phillips, Odafe Oweh, Boye Mafe and Kwity Paye each agreed to lucrative deals on Monday. Hendrickson is by far the most accomplished pass rusher still on the market, and the timing of his next contract will make for a notable storyline. The four-time Pro Bowler did not receive the franchise tag, and Mafe’s deal came from the Bengals. With Cincinnati heading in a new pass rush direction, Hendrickson is slated to play elsewhere in 2026.
Shortly before the onset of the legal tampering period, Danielle Hunter secured $40MM on a guaranteed, one-year Texans deal. Phillips, meanwhile, landed a $30MM-per-year pact featuring major guarantees from the Panthers. During an appearance on Get Up this morning, ESPN’s Adam Schefter noted (video link) Hendrickson is remaining patient having seen the market for other top edge rushers. It goes without saying no suitor has been willing to meet his asking price yet, but Schefter adds the 2024 sack champion is unlikely to budge with respect to his price point.
The Titans ranked mid-pack in terms of sack production in 2025. Strong play up front can be expected this season under new head coach Robert Saleh given his background, and adding Hendrickson (who was limited to seven games last season due to core muscle surgery) would provide a boost. Tennessee entered this week as one of the teams to watch closely with respect to a spending spree; Over the Cap currently lists the Titans with $53MM in cap space, so more notable signings could be feasible.
Cowboys Interested In Trey Hendrickson, Jaelan Phillips, Odafe Oweh, Boye Mafe
The Cowboys were among the teams which made a major push to acquire Maxx Crosby. With him no longer on the market, however, Dallas’ attention will now shift to free agency.
A number of options will be available on the open market. A big-ticket addition would go a long way in helping aid the Cowboys’ pass rush, and depth signings may prove necessary as well. Each of Jadeveon Clowney, Sam Williams, Dante Fowler and Payton Turner are currently on track to reach free agency.
With respect to potential Dallas targets, ESPN’s Jeremy Fowler reports Trey Hendrickson remains a pass rusher receiving considerable attention. The Bengals opted to avoid using the franchise tag on Hendrickson, setting him up for a Cincinnati departure. The Cowboys have been mentioned as a logical landing spot in his case, although the 2024 sack champion’s preference may be to sign with the Buccaneers and by doing so remain in Florida.
According to Fowler, the Cowboys also have Jaelan Phillips, Odafe Oweh and Boye Mafe on their radar. Phillips is the only pass rusher ranked ahead of Hendrickson on PFR’s Top 50 Free Agent list. He is a candidate to remain in place with the Eagles after being acquired from Miami at the trade deadline. Otherwise, a strong market will be in store for the former first-rounder. Phillips only played 12 games between the 2023 and ’24 seasons, but a full slate this past campaign will help ease durability concerns in his case.
Oweh was also dealt in the middle of the 2025 season. He thrived upon arrival with the Chargers, racking up 7.5 sacks in 12 games. Los Angeles is interested in keeping the 27-year-old on a new deal, although fellow edge rusher Khalil Mack was re-signed yesterday. That certainly suggests Oweh will at least explore his options once the negotiating window opens tomorrow.
Mafe saw his Seahawks workload reduced during their Super Bowl campaign. That points to a departure, although coming off a season with just two sacks his market will likely not be as strong as some of the other pass rushers in position to land a new contract. Mafe would be a strong scheme fit for Dallas, with the team changing to a 3-4 base under new defensive coordinator Christian Parker.
The Cowboys recently took the expected route of restructuring several contracts. That moved Dallas into cap compliance but there is still work to be done to generate the funds needed for an active free agent period. If a major splash is to be made on the open market, one of the top edge rushers will likely be the target.
Trey Hendrickson Wants To Play For Bucs?
After saying goodbye to the Bengals on Tuesday, four-time Pro Bowl defensive end Trey Hendrickson is expected to encounter a robust market in free agency. If Hendrickson has his way, the Buccaneers will be his next team, according to ESPN’s Adam Schefter (via Rick Stroud of the Tampa Bay Times).
During a recent appearance on the Pardon My Take podcast, Schefter said that the 31-year-old Hendrickson “would love to be in Tampa. He lives in Ponte Verde … Tampa would be a great fit. I think, in a perfect world, Trey would like to stay in Florida. No state income tax. But he’s also open to going to the best possible situation.”
Hendrickson, who attended Florida Atlantic, lives much closer to Jacksonville than Tampa Bay. Even if the Jaguars are interested in Hendrickson, Schefter expressed skepticism about them fitting him under their cap. Hendrickson is not a fit for Florida’s other franchise, the rebuilding Dolphins.
Also a former Saint, Hendrickson has totaled at least 13.5 sacks four times in his nine-year career. He reached 17.5 in back-to-back seasons from 2023-24. His apparent hope to sign with Tampa Bay may be especially fortuitous for a team that will prioritize beefing up its pass rush after tying for 15th in sacks last year.
YaYa Diaby led the Buccaneers with seven sacks, but the addition of Haason Reddick on a $12MM guarantee last March did not yield the desired results. While Reddick has amassed double-digit sacks on four occasions, he put up just 2.5 in 13 games in 2025. Pro Football Focus ranked Reddick’s performance a lackluster 95th among 119 qualifying edge rushers.
The Buccaneers need at least one better edge-rushing complement to Diaby, and Hendrickson would fit the bill. Although a hip injury limited Hendrickson to seven games and four sacks last season, he should not have much trouble reeling in a lucrative contract on the open market.
The Buccaneers only have $11.35MM in cap space at present, though Stroud notes they could open up more room with simple restructures of deals for the Tristan Wirfs–Luke Goedeke tackle tandem and safety Antoine Winfield Jr. Doing so could better their chances in a potential Hendrickson pursuit.
Trey Hendrickson Among Players Who Did Not Receive Franchise Tag
Tag deadline day in the NFL came and went on Tuesday without much action. The Jets placed the franchise tag on running back Breece Hall, and the Colts used the transition tag on quarterback Daniel Jones. Hall and Jones are rounding out a small 2026 class of tagged players that also includes Cowboys wide receiver George Pickens and Falcons tight end Kyle Pitts.
As PFR’s Sam Robinson wrote in an extensive rundown of tag candidates, Trey Hendrickson, Alec Pierce, Kenneth Walker, Travis Etienne, Odafe Oweh and Jaelan Phillips represented other possibilities. All of their teams passed before the clock ran out at 3 p.m. CT. Each of them will be free to talk to other teams when the legal tampering window opens March 9.
The Bengals “never seriously considered” tagging Hendrickson, according to Dianna Russini of The Athletic. Had they done so and Hendrickson signed the tender, it would have cost $30.2MM against the Bengals’ cap next season. The four-time Pro Bowl defensive end should encounter a “strong market,” per Russini.
For his part, Hendrickson appears to already have one foot out the door. The 31-year-old took to Instagram on Tuesday to post what looks like a goodbye message to the Bengals and their fans.
“To the organization: Thank you for the opportunity to play the game I love at the highest level,” Hendrickson wrote. “The last five years have been filled with great wins and tough losses. Personal achievements and humbling adversities.”
If this is it for Hendrickson in Cincinnati, it will wrap up an enormously productive half-decade in the organization. Hendrickson spent the first four seasons of his career with the Saints before accepting the Bengals’ four-year, $60MM offer in March 2021. He relocated on the heels of what was then a career-high 13.5-sack season, but Hendrickson went on to top that number three times with the Bengals.
During his first year in Cincinnati, Hendrickson piled up 14 sacks in 16 games. The Bengals advanced to the Super Bowl for the third time in franchise history, but they lost a 23-20 nail-biter to the Rams. Hendrickson’s sack total fell to eight in 2022, though he still made his second straight Pro Bowl. The Bengals were once again among the last teams standing. However, since ending that season with a loss to the Chiefs in the AFC title game, they have not returned to the playoffs.
Heading into 2023, the Bengals awarded Hendrickson a one-year, $21MM extension to keep him in the fold through 2025. Even though Hendrickson went off for 17.5 sacks twice in a row from 2023-24, the Bengals could only muster back-to-back nine-win seasons. Hendrickson and the Bengals then engaged in a contentious contract standoff last year. Then seeking a long-term pact, Hendrickson reportedly turned down a three-year, $95MM offer. The Bengals’ rejected proposal did not include any guaranteed money after the first year of the deal.
After a drawn-out fight, the Bengals and Hendrickson finally shook hands on a revised contract in late August. Hendrickson had been in line to earn $16MM, but Cincinnati upped it to $30MM. In hindsight, it was not money well spent for the Bengals. Injuries wound up holding Hendrickson and quarterback Joe Burrow out of a combined 19 games. Their absences proved far too much to overcome during a six-win year for the club.
In what will likely end up as his final year in Cincinnati, Hendrickson played in seven games and totaled four sacks. He did not take the field past Oct. 26, but the Bengals had chances to trade him before the Nov. 4 deadline. Although the Bengals dropped their asking price from a first- to a second-rounder, they kept Hendrickson after nobody offered better than a fourth. Hendrickson, then dealing with a nagging hip issue, underwent core muscle surgery in early December. With no tag weighing him down, he can now turn his full attention to free agency.
2026 NFL Franchise Tag Candidates
We are now in Year 34 of the franchise tag, a retention tool that came about during the same offseason in which full-fledged free agency spawned. The NFL salary cap is rising at a rate allowing teams to hammer out more extensions than in previous periods. That has helped dilute free agency talent pools. This led to a 2025 landscape in which only two players — Tee Higgins and Trey Smith — received the franchise tag. The cap, which stood at $279.2MM in 2025, is expected to rise beyond $301MM this year.
This year’s free agent class looks to feature only one tag lock, but a handful of players make sense as candidates to be kept off the market. An antiquated NFL system regarding positional classifications also affects this year’s free agency crop, as a couple of high-end UFAs-to-be (Tyler Linderbaum, Devin Lloyd) would likely be kept off the market if the league modernized how it sorted positions with regards to tag prices.
Teams who use the franchise or transition tag have until July 15 to complete an extension; otherwise, negotiations cannot restart until after the 2026 season. The transition tag does not bring any compensation back for an unmatched offer sheet, but the two-first-rounder component associated with a franchise tag has not been especially relevant in ages. Although offer sheets have come out in previous eras (Sean Gilbert and Dan Wilkinson signed unmatched offers in the 1990s), clubs avoid these in fear of an unmatched proposal requiring two first-round picks to be sent to the tagging team.
The tag window opens at 3pm CT today. With clubs having until 3pm CT on March 3 to apply tags, here is who may be cuffed:
Likely tag recipients
George Pickens, WR (Cowboys)
Projected tag cost: $28.82MM
The Cowboys have regularly turned to the tag over the past decade. They cuffed DeMarcus Lawrence in 2018 and ’19 before locking down Dak Prescott in 2020 and ’21. The latter Prescott tag was procedural, as the quarterback used the threat of a lofty second tag number hitting Dallas’ cap sheet as leverage toward a player-friendly extension — one that laid the groundwork for his 2024 player-friendly extension. The Cowboys then kept Dalton Schultz (2022) and Tony Pollard (’23) off the market. After two years without unholstering their tag, the Cowboys appear all set to prevent Pickens from reaching free agency.
Acquiring Pickens in a May 2025 trade with the Steelers — which featured a 2026 third-round pick as the top asset going back to Pittsburgh –Dallas reaped immediate benefits from that swap. Pickens, 24, smashed his career-high receiving mark with 1,429 yards and nine touchdowns. That booked the former second-round pick his first Pro Bowl honor; more impressively, Pickens was named a second-team All-Pro. The mercurial ex-Steeler WR1 was more than 300 receiving yards clear of CeeDee Lamb for the Cowboys’ receiving lead; even though Lamb missed three games, Pickens’ per-game average (84.1) better Lamb’s (76.9).
A tag surfaced on the radar here in mid-November, and momentum has steadily built for Pickens to follow in Dez Bryant‘s footsteps as a Cowboy wideout being kept off the market. It will take a near-Saints-level odyssey for the Cowboys to create sufficient cap space for a Pickens tag and reasonable spending room; they are projected to be more than $30MM (per OverTheCap) north of the 2026 salary ceiling, but enough smoke has emerged here — after Pickens fit the tag profile upon arrival — to make it safe to expect this outcome.
The Steelers shipped out Pickens in part because of reliability concerns, but the 6-foot-3 playmaker outperformed — with a considerable QB upgrade in Prescott — his previous work. With Lamb tied to a $34MM-per-year deal and Prescott on an NFL-record $60MM-AAV extension, the Cowboys are far from certain to extend Pickens. A tag-and-trade play has surfaced as a possibility, but with negotiations not having begun as of early February, expect the Cowboys to use the tag to at least buy themselves more time on their ultra-talented WR2.
On tag radar:
Breece Hall, RB (Jets)
Projected tag cost: $14.54MM
The Chiefs offered a fourth-round pick for Hall at the deadline, but the Jets held onto their starting running back after having asked for at least a third-rounder. Hall denied a report he was seeking a New York exit — after the blockbuster deals involving Sauce Gardner and Quinnen Williams — but he could have a chance to explore his value on the open market soon. The Jets, however, have spoken highly of the 1,000-yard rusher. The tag has surfaced as a possibility.
Hall, 24, is more than two years younger than Etienne. He will thus command more in free agency. The former second-round pick is also more than three years removed from the ACL tear that sidetracked his rookie season. The Jets waited on a Hall extension, keeping him on his rookie contract while giving Gardner and Garrett Wilson big-ticket deals, but Aaron Glenn has spoken highly of the Iowa State alum.
Gang Green wants to retain Hall. The easiest way for that to happen would be to extend his negotiating window via the tag. A $12MM-per-year offer could await the fifth-year player, making a tag logical. If the Jets were to place the transition tag on Hall, it would cost them a projected $11.73MM. They would receive no compensation in the event of an unmatched offer sheet, thus allowing another team to dictate the contract structure a la the Packers’ Kyle Fuller offer sheet in 2018.
The Jets saw Hall sidekick Braelon Allen miss much of the season, but the former Joe Douglas-era fourth-round pick remains signed through 2027. Allen gives the Jets some protection against a Hall exit, with a mid-round 2027 compensatory pick possible as well. But Hall is a dynamic RB that will be an attractive FA commodity if unattached come March 9. The Jets have a big decision to make over the next two weeks.
Trey Hendrickson, DE (Bengals)
Projected tag cost: $34.8MM
The defensive end tag is projected to come in at $27.32MM, but because Hendrickson was attached to a $29MM salary (following a late-summer raise), he is the rare tag candidate to whom the 120% rule would apply. As PFR’s glossary indicates, “the amount of the one-year offer is determined by a formula that includes the salary cap figures and the non-exclusive franchise salaries at the player’s position for the previous five years. Alternately, the amount of the one-year offer can be 120% of the player’s previous salary, if that amount is greater.” In Hendrickson’s case, it would be.
Bengals’ Trey Hendrickson Unlikely To Generate Strong Tag-And-Trade Market
The nature of Trey Hendrickson‘s Bengals future is once again in doubt this year. A free agent departure looms unless Cincinnati uses the franchise tag in this case.
After playing a one-year agreement in 2025, Hendrickson has long been expected to find a new home this spring. A departure would set the Bengals up for a compensatory pick in 2027, but they could instead aim for immediate draft capital by tagging Hendrickson and then trading him to an interested team. Taking that route would likely not yield a notable return.
The Bengals will use the upcoming Combine to evaluate Hendrickson’s market, Kelsey Conway of the Cincinnati Enquirer reports. That comes as no surprise, as many major roster decisions are informed when front office executives and player agents gather in Indianapolis. The Bengals will gauge the willingness of suitors to acquire Hendrickson in a tag-and-trade scenario, but the presence of other pass rushers on the market will lessen the willingness of outside teams to pursue a trade in this case.
An executive Conway spoke with predicted teams will be prepared to spend no more than a third-round pick in a Hendrickson trade. Any acquiring team will be required to work out a long-term pact with the four-time Pro Bowler, something which the Bengals have – in highly public fashion – been unable to do for quite some time. That will limit the number of genuine contenders to acquire Hendrickson, who was previously the subject of much stronger trade offers.
The pending free agent class includes a number of younger options than Hendrickson, who is approaching his age-31 season. The likes of Jaelan Phillips, Odafe Oweh and Kwity Paye are each on course to reach the open market for the first time in their careers. The list of free agents will also include another veteran in the form of Bradley Chubb, whose Dolphins release was learned of on Monday, while a blockbuster Maxx Crosby trade remains a possibility. The depth of alternative targets, coupled with Hendrickson’s injury-shortened 2025 campaign, could limit the Bengals’ ability to line up a significant trade package.
Hendrickson was limited to just seven games this past season due to core muscle surgery. The former Saint was highly productive during his healthy campaigns, though; in 72 Bengals contests, Hendrickson racked up 61 sacks. A parting of ways would come as no surprise with this largely successful Cincinnati partnership having run its course in the eyes of many. Nonetheless, the team may have a difficult time finding adequate value as part of its reset on the edge.
Bengals Could Tag DE Trey Hendrickson
When after months (technically years) of drama over Bengals defensive end Trey Hendrickson‘s contract situation ended with a one-year agreement, it seemed the saga would finally end with Hendrickson hitting free agency at the conclusion of the season. The situation refuses to die, though, as Mike Garafolo of NFL Network reports (via colleague Ian Rapoport) that the Bengals are considering using this year’s franchise tag on Hendrickson.
After a quiet start to his career as a third-round pick in New Orleans, a breakout, 13.5-sack season in a contract year led to Hendrickson signing with the Bengals on a four-year, $60MM deal. Hendrickson has remained one of the league’s top pass rushers ever since, though injuries slowed him a bit in 2022 and 2025. The Bengals had been notorious for establishing a young culture by never being the team to sign players to their third contracts. They kind of broke that tradition by agreeing to extend Hendrickson’s deal (by only a year) as a way to adjust his compensation to better match his production. The extension allowed the team to lower Hendrickson’s salary cap impact while increasing his earnings over the last years of his deal.
Not satisfied with the Bengals’ short-term commitment, and after posting a career-high 17.5 sacks in 2023, the veteran defender turned his eyes towards another new contract. After discussing the possibility of another extension and walking away without an agreement, Hendrickson officially requested a trade. Cincinnati called his bluff, refusing to deal him, and when he decided to attend voluntary workouts, the Bengals turned their eyes to the eventual discussions that were sure to take place in the following offseason.
Initially, the Bengals made it seem as if they were open to extending the star pass rusher, who had just delivered a second straight 17.5-sack campaign, but only days later, they also started to convey an openness to trading him, eventually granting him permission to seek a trade. The Bengals and Hendrickson continued to negotiate a possible extension while several teams made offers, yet the Bengals consistently seemed to believe the trade offers did not offer enough value for Hendrickson while simultaneously arguing that Hendrickson was seeking too much value in a contract extension.
Eventually, talks in both directions seemed to stall, and Hendrickson threatened to hold out, even into the regular season. The Bengals stood pat, and as training camp began, Hendrickson showed he was serious this time. After having skipped minicamps earlier in the offseason, he officially began his training camp holdout. The drama continued with extension talks stalling and trade talks arising and the cycle repeating with no solutions. Ultimately, the team landed on the altered, one-year deal he played on this year, but it seemed bridges had been burned in the process and eventual free agency was all but guaranteed.
This latest update seems to totally blow up those conclusions. Instead of allowing Hendrickson to depart from what has been a contentious situation and test the open market, it appears Cincinnati is interested in potentially squeezing a bit more benefit out of Hendrickson. Just a week and a half ago, it was reported that, with a franchise tag likely to cost more than $30MM, the Bengals weren’t expected to go that route, but Garafolo suggests the plan could be setting up for a tag-and-trade.
Though trade talks have continuously fallen through as Cincinnati seeks more value than has been offered, there’s apparently a chance they could be going for that route, again. If so, they would likely be tagging Hendrickson under the assumption that he has no interest in signing it to play in Cincinnati again. They would then be selling teams the option of trading for Hendrickson knowing that he would either come with a fully guaranteed $30+MM deal or come with an expectation of a new contract. Either way, Hendrickson would get a chance at a new contract, but in this scenario, the Bengals would be choosing where he goes and would be getting something in return for losing him. The only power Hendrickson would hold would be that he would need to sign the tag to complete the trade.
The much less likely strategy for Cincinnati would be that they intend to either convince Hendrickson to sign and play on the tag or negotiate for another extension. Seeing how well those conversations have gone in the past, it seems unlikely that the team is attempting to extend Hendrickson’s time as a Bengal. We won’t know for several weeks, until free agency begins in March, but it seems this situation won’t get a clean conclusion just yet.