The Indianapolis Colts are heading into a pivotal offseason, and one of the key decisions looming large is what to do with quarterback Anthony Richardson’s fifth-year option for the 2027 season.
On paper, the decision seems simple - but the reality is anything but.
Here’s the setup: First-round picks in the NFL are signed to four-year rookie contracts, but teams have the option to add a fifth year of control. That fifth-year option acts like a one-year extension, with the salary determined by a combination of position, playing time over the first three seasons, and any Pro Bowl selections. For players drafted in 2023, like Richardson, teams must make their decision before the start of the 2026 league year, with the deadline typically landing in early May.
According to Over the Cap, Richardson’s projected fifth-year option would come in at $22.93 million - fully guaranteed. That’s a significant investment, especially for a player whose NFL journey so far has been anything but linear.
Richardson entered the league with all the physical tools and upside that made him a top-5 pick, but he’s yet to fully settle into a starting role in Indianapolis. He began this past season as the backup and was later sidelined by an eye injury that landed him on injured reserve. When he’s been on the field, the flashes have been there - a big arm, mobility, and the ability to extend plays - but the consistency hasn’t matched the potential just yet.
That leaves the Colts in a tricky spot. Picking up the fifth-year option would mean committing nearly $23 million to a quarterback who hasn’t firmly established himself as the long-term answer. It’s a bet on upside - and one that carries real financial weight.
But there’s another layer to this: the Colts’ quarterback room is evolving. The organization appears committed to bringing back Daniel Jones, and after a strong showing against Houston, Riley Leonard has emerged as a possible long-term backup - or more. That only adds to the uncertainty surrounding Richardson’s future in Indy.
So the real question this offseason might not be about the fifth-year option at all. It’s whether Richardson is even part of the Colts’ plans beyond 2026.
The talent is undeniable. The timeline?
That’s murkier. As the Colts chart their course forward, Richardson’s role - or lack thereof - will be one of the most fascinating storylines to watch.