Trey Hendrickson has long loomed as a candidate to skip the start of training camp. With the Bengals preparing to begin padded practices, the reigning sack leader is indeed absent. 
Hendrickson informed ESPN’s Adam Schefter on Tuesday that he has elected to hold out from training camp. As a result, he will begin accruing mandatory daily fines while extension talks continue. Owner Mike Brown struck an optimistic tone yesterday when speaking to the media about the Hendrickson situation. For at least the time being, however, this stalemate will continue.
A native of Orlando, Hendrickson posted on Instagram that he has returned to Florida in the absence of an agreement. The 30-year-old has maintained since the spring that he is prepared to not only hold out of training camp but into the regular season if no extension is worked out. Several weeks remain to see if that will end up taking place, but today’s expected update is another indication this situation is not in a good place. To date, the Bengals have yet to offer a deal in the $35MM-per-year range and the team’s preference is to add one year to Hendrickson’s current pact.
Of course, guarantees are a key sticking point in negotiations. Ian Rapoport of NFL Network reports Cincinnati is willing to authorize a multi-year pact which includes a “substantial raise” compared to the $16MM Hendrickson is currently owed for 2025 (video link). The issue, to no surprise, is the four-time Pro Bowler’s desire to secure guarantees for 2026 “and beyond” and thus match what a number of other edge rushers have received on that front this offseason with their new deals. T.J. Watt is the most recent pass rusher to reset the market, and his new Steelers pact includes $108MM fully guaranteed along with a record-breaking cashflow for non-quarterbacks.
It would come as a major surprise if Hendrickson were to match Watt in terms of base or locked in earnings on his next pact. Nevertheless, an increase in guarantees will likely be needed to get a deal done. During today’s episode of Good Morning Football, Manti Te’o said he has spoken with Hendrickson, who described the Bengals’ offers regarding guaranteed money as “atrociously, atrociously low” (h/t Rapoport’s colleague Tom Pelissero).
The Bengals are certainly no stranger to contract drama leading up to the regular season. Tension with the likes of Joe Mixon, Jessie Bates, Joe Burrow, Tee Higgins and Ja’Marr Chase over the past several years have created uncertainty about those players’ availability in time for Week 1. That will also be the case for Hendrickson unless a breakthrough can be made.