Colts Unsurprisingly Decline Anthony Richardson Sr.'s Fifth-Year Option

The Indianapolis Colts will decline quarterback Anthony Richardson Sr.'s fifth-year option, according to FOX59 reporter Mike Chappell.

This was expected, given the option would pay Richardson Sr. a guaranteed $22.483M salary for the 2027-28 season. The Colts are set to pay quarterback Daniel Jones an average of $44M over the next two seasons, effectively making him their signal-caller of the future after extending him earlier this offseason.

Some teams had already exercised options of their 2023 first-round draftees, but the Colts had been waiting it out until the deadline on May 1st for any potential trade suitors -- Richardson Sr. (fourth-overall pick) has officially been on the trade block since the NFL Scouting Combine.

Though a possibility, this doesn't mean that a release is imminent, but it does mean the Colts are one step closer to ending the experiment altogether.

This was always the expected outcome since Daniel Jones won the starting job heading into the 2025 season. After a competitive training camp battle in which Jones won, Richardson Sr.'s days in Indianapolis have been numbered ever since.

The Colts and Richardson Sr. mutually agreed to seek a trade earlier this offseason, but nothing has yet materialized.

ESPN's Adam Schefter reported at the league owner's meetings that Richardson's market had been 'soft' up until that point, and after no trade was made for his services in the 2026 NFL Draft, the lack of a market has intensified.

“Nothing surprises me anymore," Colts general manager said about Anthony Richardson (and Kenny Moore II's) lack of trade suitors throughout the draft. "And I just think it's – we have a little patience here and see what happens...So, we'll just kind of let it play out as it does over time.”

There remained an opportunity for him to right his wrongs by filling in for an injured Jones, but after Richardson suffered a freak season-ending injury to his orbital bone in pre-game warmups in Week 6 of last season, his future in Indianapolis all but confirmed to be ending.

The freak injury in question also serves as a prime example of why the experiment ultimately failed. The Colts may have failed him by putting all their eggs in an unexperienced, unprepared player, but Richardson's inconsistency as a pro is what has led to his (eventual) demise as a Colt.

Richardson Sr. has totaled 2,400 passing yards, 11 passing touchdowns, and 13 interceptions on a brutal 50.6% completion rate in just 15 games started over three seasons in Indianapolis.

His added 634 rushing yards and 10 rushing touchdowns have certainly played a positive factor, but his inability to stack his good days, as well as stay healthy, are what have disregarded him as a viable option moving forward.

Despite his year spent in the passenger seat, one that was largely spent on the injured reserve list, Ballard believes in Richardson Sr. to right his wrongs, even if that potential rebound happens elsewhere.

"I still think Anthony [Richardson] has real value in this league, and I've been happy with his growth," general manager Chris Ballard said about Richardson's value as a trade piece ahead of the NFL Draft. "He's an extremely talented young man."

The Colts are set to roll with 2025 sixth-round pick Riley Leonard as their backup quarterback of the future, meaning a potential release of Richardson Sr.'s services could be in order, though there's still a chance he could stick around to provide additional depth to a quarterback room that is banking on Daniel Jones to return-to-form from a torn right Achilles tendon.

Richardson Sr. has a cap hit of $10.816M for the 2026-27 season, the final year of his rookie contract. While the fifth-year option was always expected to be declined, this guaranteed salary has likely been what's keeping interest at bay, and the Colts may need to take on some of that salary if they want to net any compensation back for Richardson's services.

Despite being medically cleared, Richardson Sr. still has a ways to go before he is 100% healthy, which has been a factor as to why his trade market has been virtually nonexistent. Chris Ballard said in his pre-draft press conference that Ricahrdson is in the latter stages of his recovery, proving to be a great teammate throughout the process.

"He's still recovering a little bit, but he's cleared for activity and is doing everything," Ballard said in an update on Richardson's road to recovery. "I think he's in a good spot...He's a great teammate. He's a good guy, a good person. He cares about the team. That's important. If he was salty, we'd be talking a different story here, but that's not who he is."

Chris Ballard mentioned in his post-draft press conference they were being patient in their journey for a trade partner, but with time running out and a pricey payday set for a backup, the aforementioned chance for Richardson to stay in Indianapolis appears thinner than ever.

After all, Richardson Sr. is still just 23-years old (will be 24 this coming regular season), and could very well serve as the next installment of recent reclamation quarterbacks across the league.