Trey Hendrickson remains with the Bengals, but another record-setting contract — for Myles Garrett — has affected the edge rusher market. With T.J. Watt and Micah Parsons in contract years, the cost of deploying an elite player on the edge is rising. That will interfere with the Bengals’ Hendrickson situation.
While not an open-and-shut candidate to land a deal close to where Garrett went, Hendrickson is the reigning NFL sack leader who is in a contract year. As the Bengals have let Hendrickson shop for a trade, they have made it clear Tee Higgins will be their preferred extension recipient behind Ja’Marr Chase. Nothing has transpired on the Higgins front, and the Bengals have set a high price on Hendrickson.
Cincinnati wants at least a first-round pick for the 30-year-old pass rusher, with NFL.com’s Cameron Wolfe reporting the AFC North franchise wants more than that. In speaking with a GM about the Bengals’ Hendrickson price, The Athletic’s Dianna Russini indicates that exec views it as “ridiculous.”
Teams are prepared to pay Hendrickson the new going rate on the edge, Russini adds, but Cincinnati’s asking price in trades has complicated this market. As it stands, Hendrickson is tied to his one-year, $21MM add-on agreed to in 2023. He is due a $15.8MM salary next season. For now, the Bengals can accommodate that, but it will be interesting to see where this goes. The Bengals are not one to give into player demands, as they shut down Hendrickson, Higgins and Jonah Williams trade requests over the past two years.
Hendrickson’s Bengals situation differs from his 2024 issue, as the team — which has shown more interest in a Higgins extension that it did last year — has let Hendrickson shop. But teams are waiting to see if the Bengals will drop their asking price, Wolfe adds. Cincy will carry a major need at edge rusher if it does move on from Hendrickson, as longtime starter Sam Hubbard retired. The team did re-sign Joseph Ossai on a one-year, $7MM deal and the Cincinnati Enquirer’s Kelsey Conway adds a pursuit of four-year Giants EDGE Azeez Ojulari commenced before the Ossai deal. Though, Conway classifies the Bengals’ Ojulari interest as preliminary. Ojulari remains in free agency.
In confirming the Bengals want at least a first-rounder for Hendrickson, ESPN.com’s Stephen Holder offers that it is highly unlikely the Colts reunite him with DC Lou Anarumo. The Colts did let Dayo Odeyingbo walk (to the Bears) but still have Kwity Paye, Laiatu Latu and Samson Ebukam rostered. They also have a big-ticket DeForest Buckner extension and an eight-figure-per-year Grover Stewart contract on their books. The Colts also deviated from their Chris Ballard-era free agency blueprint by giving big-money deals to DBs Camryn Bynum and Charvarius Ward this week.
Higgins is “not happy” with being re-tagged, Wolfe adds, indicating talks with the Bengals on an extension have not progressed. This continues a refrain for Higgins. Although he has expressed interest in staying with Chase and Joe Burrow, he views himself as a WR1. The market appears to as well, as $30MM-per-year prices were thrown around when Higgins was viewed as a potential free agent target. The Bengals have set a “crazy” asking price on a Higgins trade, per Wolfe, and teams have called about a player that was once viewed as likely to leave Cincinnati in 2025.
With a Burrow-driven push seemingly changing the Bengals’ Higgins view, he remains on the team’s extension radar. As Hendrickson keeps looking around — after the Falcons and Commanders showed early interest — the Bengals will need to ramp up their efforts on a Higgins extension soon. Even though the Bengals have until July 15 to extend Higgins, the team exited the 2024 season having not seriously negotiated with its high-end WR2 since the first half of 2023. A show of good faith would stand to help that relationship, as Higgins has now been denied two free agency trips.
A new deal would drop Higgins’ 2025 cap number (currently at $26.2MM), while a Chase contract would reduce his $21.82MM figure. New contracts for the wideouts could allow the Bengals to keep Hendrickson in a contract year, but that obviously would not go over well with a player who wants to be extended — after back-to-back 17.5-sack seasons — before age diminishes his value.