Trey Hendrickson is basically the best player in Cincinnati Bengals history that nobody outside of Ohio seems to talk about enough. Honestly, it’s wild. He has put up back-to-back 17.5-sack seasons in 2023 and 2024, led the entire NFL in sacks in '24, and has been the only consistent heartbeat of a defense that, frankly, has been a bit of a disaster lately.
But as we hit the start of 2026, the vibes in the Queen City are, well, not great.
If you’ve been following the soap opera, you know the deal. Hendrickson wanted a long-term extension. The Bengals, being the Bengals, basically said "no" but gave him a $14 million "please don't leave" raise for the 2025 season instead. He played on a reworked one-year deal worth $30 million. It was a band-aid on a bullet wound. Now, that band-aid is peeling off, and the Trey Hendrickson trade proposal chatter is louder than a playoff crowd at Paycor Stadium.
The Reality of the 1% Return Rate
Paul Dehner Jr. of The Athletic didn't mince words recently. He put the chances of Hendrickson returning to the Bengals in 2026 at exactly one percent. One. Percent. That is basically NFL-speak for "he’s already packed his bags."
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Why? Because the bridge hasn't just been crossed; it's been set on fire. Hendrickson is 31 years old now. He’s coming off a 2025 season where he only played seven games due to a hip issue and other nagging injuries, finishing with a respectable but not earth-shattering four sacks. He wants security. The Bengals want flexibility. It’s the classic "irresistible force meeting an immovable object" scenario, except the object is a front office that famously refuses to pay aging players premium guaranteed money.
If the Bengals let him walk in March, they might get a 2027 third-round compensatory pick. That’s fine, I guess. But for a team that needs to win while Joe Burrow’s window is wide open, waiting until 2027 for a draft pick is a tough pill to swallow. This is where the "Tag and Trade" strategy comes in.
A Tag and Trade: The Most Likely Trey Hendrickson Trade Proposal
The most logical Trey Hendrickson trade proposal involves Cincinnati placing the franchise tag on him—which would cost about $34.8 million—and immediately shipping him to a contender.
The New England Connection
The Patriots have been sniffing around this for a while. They have the cap space. They have about 10 picks in the 2026 draft. A proposed deal that keeps surfacing involves New England sending a 2026 third-round pick and a rotational player like Anfernee Jennings to Cincinnati.
Is a third-rounder enough for an All-Pro? Maybe not in a vacuum. But considering Hendrickson’s age and the fact that he’s essentially a high-end rental until someone gives him a new contract, it might be the best Duke Tobin can get.
Could the Colts Pull the Trigger?
Don't sleep on Indianapolis. Their defensive coordinator is Lou Anarumo—the same guy who oversaw Hendrickson’s rise in Cincinnati. The familiarity is there. The Colts need a "closer" to pair with their young interior rushers. A second-round pick from Indy for Hendrickson is a proposal that has been floated by several insiders, including Jeremy Fowler. It makes almost too much sense, assuming the Colts can clear the cap space (which might mean moving someone like Quenton Nelson, though that seems drastic).
What the Bengals Lose (And Gain)
Losing Hendrickson is terrifying for Bengals fans. Without him, who is getting to the quarterback? Joseph Ossai has flashed potential but isn't a double-digit sack guy. Myles Murphy is still developing.
However, by moving on from a $35 million cap hit, the Bengals could theoretically rebuild the entire middle of their defense. We’re talking about signing a top-tier linebacker like Devin Lloyd or a versatile lineman like John Franklin-Myers. It’s the "Moneyball" approach to pass rushing—replace the one superstar with three "pretty good" starters.
Surprising Contract Hurdles
One thing people get wrong is the "No-Tag" clause. Most elite players demand one so they can't be trapped. Hendrickson doesn't have one. This gives Cincinnati all the leverage in a trade scenario. They can force him to stay under the tag or force a trade to a team of their choosing, not necessarily his. It’s cold, but that’s the business.
Actionable Steps for the 2026 Offseason
If you're a fan or an analyst tracking this saga, keep an eye on these specific triggers:
- February 13, 2026: This is the fifth day after the Super Bowl when Hendrickson’s current contract officially voids. If no extension is reached by then, the "Dead Money" ($6.5 million) hits the Bengals' books.
- The Franchise Tag Window: Late February is when the team must decide to use the tag. If they don't tag him, he hits the open market for nothing but a future comp pick.
- Salary Cap Decisions: Watch if the Bengals restructure Joe Burrow’s deal. If they don't, they almost have to trade Hendrickson to afford help for the offensive line.
- The "Tag-and-Trade" Price Point: If a team offers a 2026 second-round pick, the Bengals should take it and run. Anything less, like a fourth-rounder, and they might be better off just letting him play out the year and taking the compensatory pick later.
The reality is that Trey Hendrickson has likely played his last snap in a Bengals uniform. Whether he ends up in New England, Indy, or even a dark horse like Detroit, the next few weeks will determine if Cincinnati gets a head start on their 2026 rebuild or simply lets a legend walk away for a future "maybe."