The Trey Hendrickson contract saga in Cincinnati is entering another chapter-and it’s shaping up to be one of the most intriguing storylines of the NFL offseason.
After signing a reworked one-year deal worth nearly $30 million last offseason, Hendrickson is set to hit free agency this spring. The Bengals have some decisions to make.
They could try to lock him in with a long-term deal or even use the franchise tag to keep him in stripes for another year. But there’s a real possibility that Hendrickson could be suiting up for a different team in 2026.
Two teams to watch closely? The Dallas Cowboys and the Indianapolis Colts.
Both franchises are in the market for a serious upgrade off the edge. Dallas, after trading away Micah Parsons before the 2025 season, struggled to generate consistent pressure.
Their pass rush simply didn’t have the same bite without Parsons wreaking havoc in the backfield. Indianapolis, meanwhile, leaned heavily on rookie Laiatu Latu, who flashed real potential, but the Colts lacked another true difference-maker up front.
Enter Hendrickson.
Even at 31, he remains one of the most feared pass rushers in the league. Back-to-back seasons with 17.5 sacks in 2023 and 2024 speak for themselves.
That kind of production doesn’t just fill up stat sheets-it changes games. He’s a tone-setter, a closer, the kind of player who forces opposing quarterbacks to speed up their internal clocks.
Now, 2025 wasn’t his healthiest campaign. He was limited to just seven games following core muscle surgery, but even then, he managed to notch four sacks.
That’s the kind of impact you don’t often see from someone battling through injury and missing over half the season. Still, that injury could play a role in how the market values him.
Some teams may be hesitant to shell out top-tier money, which could open the door for a savvy front office to land a premier talent at a slight discount.
From a financial standpoint, both the Colts and Cowboys are in the mix. Indy is projected to have around $35 million in cap space, while Dallas is working from a $29 million deficit-but the Cowboys have wiggle room. Restructures, cuts, and creative cap management could get them back in the black and ready to make a splash.
Of course, Cincinnati isn’t out of the picture. The Bengals are expected to have close to $55 million in cap space, giving them the flexibility to make a strong offer if they want to keep Hendrickson in town. But if they decide to move in a different direction, don’t be surprised if Hendrickson ends up anchoring the edge for one of those two AFC or NFC contenders.
According to Spotrac, Hendrickson is projected to land a deal worth $50.8 million over two years-an average of $25.4 million annually. For a player with his résumé and game-changing ability, that could end up being one of the better values of the offseason.
Bottom line: Hendrickson’s next move will have ripple effects across the league. Whether he stays in Cincinnati or finds a new home in Dallas or Indy, one thing’s clear-he’s still got plenty of havoc left to wreak.