The Indianapolis Colts will not pick up the fifth-year option on quarterback Anthony Richardson's rookie contract, the team confirmed ahead of Friday's deadline for teams to exercise options on 2023 first-round picks.
Declining the option means Richardson will not receive the guaranteed $22 million salary that would have covered the 2027 season. He remains under contract through the upcoming campaign but will enter unrestricted free agency once it ends. The decision was not entirely unexpected. Richardson had formally requested a trade in February and was given permission to talk with other teams in the lead-up to the deadline.
The clearest signal of where the franchise is heading came last month, when the Colts signed Daniel Jones to a two-year extension worth $88 million. That deal effectively designated Jones as the team's long-term starter. Richardson and Jones competing for the same role this season remains a possibility, but a return beyond 2026 looks unlikely.
Richardson, still just 23, has had a turbulent three years in Indianapolis. He was selected fourth overall out of Florida, arriving with rare physical tools but limited college experience. His rookie season in 2023 lasted just four games before injuries ended it. He completed 59.5 percent of his passes for 577 yards with three touchdowns, and added 136 rushing yards and four scores on the ground before Gardner Minshew took over for the rest of the schedule.
The 2024 season offered more opportunity but uneven results. Over 11 games, Richardson completed just 47.4 percent of his passes for 1,814 yards, throwing 12 interceptions against eight touchdowns. He rushed for 499 yards and six scores on 86 carries. The year ended with Richardson tied for 25th in NFL AP Comeback Player of the Year voting with a single fifth-place vote.
Last season was the most damaging. Richardson missed a significant stretch of the offseason due to an aggravated joint in his throwing shoulder. Then, in Week 6, he suffered an orbital bone fracture during pregame warmups. He appeared in just two games, completing one of two pass attempts for 31 yards. Jones, signed as a free agent, stepped in and claimed the starting role outright.
General manager Chris Ballard said in March that keeping Richardson remained an option, even in a diminished role. "There's definitely a scenario there," Ballard said. "He's a good dude, and he's talented. I still want good for Anthony. I still think he's got a lot in him." Richardson has not attended voluntary offseason workouts this spring.
At 23, Richardson has time to rebuild elsewhere. Whether the Colts are part of that future, even briefly, will likely be answered before the season opens.
