Colts Plan On Retaining Three QBs

Richardson is a pending free agent thanks to Indianapolis’ decision to decline his fifth-year option. A trade request led to discussions about finding a new home, but no deal ever appeared to be imminent. The Colts have kept the door open to retaining Richardson for at least one more season, something which seems increasingly likely. General manager Chris Ballard said (via Joel A. Erickson of the Indy Star) the team’s intention at this point is to carry three quarterbacks on the active roster.

Daniel Jones will reprise his role as QB1 for the Colts in 2026 thanks to the two-year deal he signed after receiving the transition tag. Riley Leonard is still in the fold as a backup option. Leonard – taken in the sixth round of last year’s draft – has outperformed Richardson so far in camp, Erickson’s colleague Nathan Brown writes. Especially if that continues, dealing away Richardson could become a consideration once again.

The 24-year-old recently had a $4.24MM roster bonus paid out. As a result, Richardson would now only cost $1.15MM (his base salary) to an acquiring team in a trade. The matter of vision concerns were present this spring, though, and NFL Network’s Ian Rapoport indicates (video link) that will still be a consideration to any suitors in this case. Richardson suffered an eye injury during warm-ups in 2025 and was sidelined for the remainder of the season while recovering.

Even in the event of a clean bill of health, a serious trade market is unlikely to develop. Richardson has made just 15 regular-season starts at the NFL level to date, struggling with inaccuracy along the way. Inexperience dating back to his time at Florida has been followed by a lack of development in the pro game. As Ballard indicated, however, the Colts will not simply give Richardson away in a trade.

In any event, Rapoport predicts Richardson will not see the field again with Indianapolis. Whether that bears out because of a change of scenery or a third-string stint leading to a free agent departure next spring remains to be seen.