Why Colts may not give up on Anthony Richardson Sr. despite signing Daniel Jones to new contract

Quarterback Anthony Richardson Sr. seemingly became surplus to requirements for the Indianapolis Colts after they signed starter Daniel Jones to a two-year, $88M contract that could be worth up to $100M earlier this offseason. 

While Richardson has made it known that he wants to receive a trade to a team willing to hand him a fresh start, he has since reported to the Colts for voluntary workouts. For an update shared on Sunday, ESPN's Stephen Holder explained why the Colts may not be ready to give up on Richardson quite yet. 

Anthony Richardson Sr. impressed after returning from his latest injury setback?

Holder mentioned how Richardson rejoined the scout-team offense and made "notable plays in practice" after he was able to return to the practice field in December following the orbital fracture he suffered in October. 

"According to multiple sources," Holder wrote, "Richardson performed impressively during those late-season practice opportunities, leading the scout-team offense on touchdown drives against the Colts' starting defense. Some of the throws he made were characterized as elite, according to teammates, showing little indication that his eye injury was a limiting factor."

Holder's report doesn't mean that Richardson has any chance of leapfrogging a healthy Jones on the Indianapolis depth chart. That said, Jones is coming off a torn Achilles tendon he suffered this past December, and it remains unknown when he will be cleared to make a full return to football-related activities. Meanwhile, the Colts seem serious about letting Richardson compete with 2025 sixth-round pick Riley Leonard for the club's QB2 job.

Why Anthony Richardson Sr. has little trade value

Richardson seemingly attracted little interest from teams before or during the 2026 NFL Draft. Holder touched upon why that was the case. 

"The practice performance was promising when considered with Richardson's 2025 training camp showing, easily the best camp of his career," Holder wrote. "Richardson did admit to some issues with his right eye in December. There has been consistent improvement with those issues since then, but the uncertainty about his eye had a negative impact on his trade value in recent months, according to sources."

The Colts made Richardson the fourth overall pick of the 2023 draft. While they have declined the fifth-year option for 2027 attached to his contract, there's no sign that Indianapolis will cut him before the upcoming regular season gets underway. 

"[Colts general manager Chris Ballard] has emphasized lately he still thinks Richardson has something to offer," Holder wrote. "There has been no internal discussion about granting Richardson his release because of that belief, according to sources."

Perhaps Richardson will play well enough during preseason games to receive a trade to a quarterback-needy club before September arrives.