Execs Question Carson Wentz's Trade Value; Believe Colts Could Leverage New Contract

Rumors of Carson Wentz's impending departure from Indianapolis may be exaggerated.

Mike Sando of The Athletic reported the Colts are more likely to leverage Wentz's poor performance in 2021 to renegotiate his contract rather than cut him outright. The possibility of a trade remains, but "execs aren’t sure" what his value is on the market at this point.

The Colts traded a 2021 third-round pick and what wound up being a 2022 first-round pick for Wentz in a gamble that blew up in their face.

On Sunday, ESPN's Chris Mortensen described Wentz's future in Indianapolis as "bleak," adding that the Colts would likely trade or release him this offseason. If they don't move on from Wentz by March 18, an additional $12 million of his contract guarantees for next season. He is already on the books for a guaranteed $15 million.

It's possible Indianapolis comes to the bargaining table and asks Wentz to take a pay cut for the 2022 season. The two sides could agree to wipe out the additional guarantees for this season and have Wentz play under a $15 million base salary in 2022, with his due bonuses instead being spread out later over the course of a renegotiated contract. That would lower Wentz's cap number for next season while providing the team additional flexibility to decide whether he's the long-term option under center.

Trading Wentz this offseason would require taking back a significant discount in terms of draft assets. There's something to be said for cutting your losses, but the Colts don't have an obvious answer ready to replace him.

If they could find a trade for a difference-making veteran, it would be another story. But the Wentz trade already robbed them of their first-round pick this year, leaving them with little option but to bring him back in 2022—hopefully at a reduced rate.