Last offseason, Trey Hendrickson asked for a trade in the wake of his extension efforts falling short. The Bengals kept him in place and still wish to do so, but this time he will be able to gauge his market. 
The 2024 sack leader has been given permission to seek a trade, ESPN’s Adam Schefter reports. As the team seeks to forge a path which includes keeping Ja’Marr Chase and Tee Higgins in the fold, questions have lingered over the Bengals’ ability to keep Hendrickson as well. Today’s development could spur movement in his case. Ian Rapoport of NFL Network notes team and player met today to discuss the situation, with the Chase/Higgins duo being confirmed as Cincinnati’s priority.
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“It’s been an honor and privilege to represent Cincinnati over the last four years,” a statement from Hendrickson reads. “I love this city and organization. I appreciate the privilege of now being allowed to explore my options.”
Hendrickson joined the Bengals on a four-year, $60MM pact. The former Saint provided exceptional value when playing out the deal, earning a Pro Bowl nod in each of his first three Cincinnati campaigns. In July 2023, a one-year arrangement was worked out which saw the former Saint earn $21MM for the season. That temporary move did not yield a smooth negotiating process afterwards, however.
After setting a new career high in sacks (17.5) in 2023, Hendrickson approached the Bengals about an extension. Those talks did not produce traction, and in response the former third-rounder requested a trade at the draft. To little surprise, the Bengals did not give thought to such a move, and they also remained steadfast in avoiding an extension. Hendrickson suited up for the 2024 campaign and delivered another high-end season, matching the previous year’s sack total and earning first-team All-Pro acclaim.
One year remains on the 30-year-old’s pact, and his $16MM in scheduled compensation (well short of the top of the edge rush market) does not include any guaranteed salary. A trade would free up $16MM in cap space for the Bengals while generating a dead money charge of $2.67MM. Moving on from Hendrickson would, on the other hand, obviously create a massive vacancy on defense.
Cincinnati ranked 24th in the league in sacks this past season despite a full campaign from the Defensive Player of the Year runner-up. Improving along the edge was already a 2025 goal even with Hendrickson being retained (especially given Sam Hubbard‘s retirement). In general, shoring up other areas on defense will also be needed to avoid a repeat of last year’s failure to reach the postseason. Especially with an extension being needed upon arrival, suitors may not be willing to part with the assets needed for a trade to be seen as worthwhile from the Bengals’ perspective.
De facto general manager Duke Tobin made it clear in January the team was aware of the fact a notable raise would be required to keep Hendrickson in place, adding a willingness on the team’s part to authorize one. In spite of that, it was later reported the FAU product would be on board with a trade if it was necessary to secure a new contract. Interest could be shown in the build-up to free agency, especially if teams become convinced Browns star Myles Garrett is not available.
The edge rush market is due to see multiple financial surges this offseason. That process began yesterday when the Raiders made Maxx Crosby the league’s highest-paid non-quarterback. The Bengals may have to do the same with Chase, while Higgins (who received the franchise tag for the second year in a row) is also a target for a long-term contract. In any case, Hendrickson’s asking price has no doubt increased in the wake of the Crosby news and it remains very much in doubt if he will play a fifth campaign in Cincinnati.