Colts decline Anthony Richardson's fifth-year option, setting former No. 4 overall pick up for free agency

The Indianapolis Colts have declined quarterback Anthony Richardson’s fifth-year option.

Richardson, the team’s No. 4 overall pick of the 2023 NFL Draft, is headed for free agency after the 2026 season.

The move was one many viewed as inevitable considering the tumultuous start Richardson has had to his NFL career. 

The Florida product has dealt with a number of injuries and inconsistent play, and the Colts looked outside the organization for quarterback help before the start of the 2025 season.

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Indy was high on Richardson when it took him with the fourth overall pick of that year’s draft, though there were some who questioned if he was NFL ready right away.

That proved not to be the case. Richardson split time with veteran journeyman Gardner Minshew in 2023, while Joe Flacco eventually took over for him in 2024.

Richardson eventually got his starting spot back over Flacco in 2024, with the Colts announcing he would be the team’s starter the rest of the way.

But he was benched prior to Flacco coming in after voluntarily taking himself out of a game for one play, saying he "needed a breather." The move was ridiculed by pundits and fans, and the Colts ultimately made an example of it.

The Colts signed Daniel Jones during the 2025 offseason after the New York Giants released him midway through the 2024 campaign, parting ways with their own first-round pick who had a roller-coaster tenure with the franchise. Jones and Richardson were pitted in an open quarterback battle at the start of training camp, and, on Aug. 19, Jones was named the team’s starter.

Richardson served as Jones’ backup to begin the year, but he was placed on the injured reserve after a freak accident fractured an orbital bone in his eye during pregame warmups.

Richardson also dealt with a grade-three AC joint sprain that required an IR stint during his rookie season. It was initially supposed to be a one-to-two-month recovery, but he needed surgery to repair the shoulder.

Richardson heads into his fourth NFL season fighting for his next contract, whether it’s with the Colts or elsewhere.

Jones re-signed with Indianapolis for two years and $88 million with $50 million guaranteed, and rookie Riley Leonard remains on the depth chart.

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