The upcoming draft represents a logical deadline for the Trey Hendrickson situation to reach a resolution. If the reigning sack leader is to remain with the Bengals, it will not be for a lack of effort on the part of interested suitors to swing a trade. 
Once again, Hendrickson is seeking a new deal after his efforts to secure an extension last spring did not produce an agreement (or a willingness on the Bengals’ part to entertain his trade request). This time around, Cincinnati granted the 30-year-old permission to seek a trade, a sign that team and player were far apart on contract terms. Since then, wideouts Ja’Marr Chase and Tee Higgins have each landed massive extensions, taking care of the two in-house players known to be higher organizational priorities.
However, extension talks have picked up on the Hendrickson front, and a report from late March indicated a trade was no longer receiving consideration. That represented an indication a long-term agreement could be worked out, but progress has proven to be difficult to come by. Hendrickson has gone public with his frustration over his situation, and as could be expected there remains a trade market as the countdown to the draft continues.
Jason La Canfora of the Washington Post reports “numerous teams” have unsuccessfully offered mid-round picks for Hendrickson, who will require an extension upon arrival with his next employer should a trade come to pass. He adds the Bengals have maintained an asking price of first-round value, which is roughly in line with where that previously stood. If no extension agreement is worked out over the coming days, the prospect of a trade will remain a major league storyline.
To little surprise, one executive predicted to La Canfora Hendrickson will be dealt at the draft in the event a new Bengals pact is not in place by that point. Cincinnati could stand to add multiple impact rookies on defense, and dealing the the four-time Pro Bowler would yield extra capital to meet that goal. On the other hand, losing Hendrickson would obviously create a massive roster hole along the edge as Cincinnati looks to improve in that spot with or without him in the fold.
The Bengals are currently projected to have over $85MM in 2026 cap space. Plenty of moves will be made to alter that figure before free agency next spring, of course, but the funds can be found to keep Hendrickson in place on a deal close to the top of the EDGE market. Unless traction in that regard is found soon, though, a trade will loom as a possibility.