NFL Rumors Update Trey Hendrickson Franchise Tag, Trade Value Buzz Amid Expiring Bengals Contract

After engaging in a contract battle last offseason, Trey Hendrickson and the Cincinnati Bengals may not be totally finished with each other as he prepares to hit free agency.

Per Kelsey Conway of the Cincinnati Enquirer, there is "nothing off the table" for the Bengals right now regarding potentially using the franchise tag on Hendrickson to potentially trading him:

"Nothing is off the table as of Feb. 16. Cincinnati is not expected to make any decision on Hendrickson's future before the NFL combine in Indianapolis next week, a source told The Enquirer. "… The Enquirer spoke to a high-ranking NFL personnel executive for another team who said that if a team is willing to give up something to the Bengals, it would likely be no higher than a third-round pick. He added that this year's free-agent class at the defensive end position could end up being strong."

Even though the tag is an option for the Bengals, there are also cap ramifications to using it. The franchise tender for defensive ends is projected at $27.3 million, second-highest among all defensive position groups after linebacker.

However, since Hendrickson's 2025 salary of $30.2 million was higher than the tag is projected to be, he would count for $34.8 million guaranteed on the one-year tender.

The Bengals project to have $53.5 million in cap space, so they could fit in the franchise tag for Henderson if they want to go in that direction. But it would tie up significantly more than half of their available cap room at a time when they have many needs on both sides of the ball to address.

There is also a wealth of pass-rushers set to hit the market this offseason that the Bengals could pursue if they don't feel like there is a deal to be made with Hendrickson.

Jaelan Phillips and Odafe Oweh, K'Lavon Chaisson, Khalil Mack, Boye Mafe and Joey Bosa are among the players available who could help fill the void if in Cincinnati if Hendrickson leaves.

Hendrickson spent his final two years with the Bengals at odds over his contract. He threatened retirement prior to the 2024 season, then spent last offseason seeking a trade when he couldn't get a new long-term contract.

The situation was resolved two weeks prior to the start of the season when Hendrickson signed a restructured deal with Cincinnati that paid him $30 million in 2025.

It turned out to be a disastrous year for both Hendrickson and the Bengals. His season ended after Week 8 due to a core muscle injury that required surgery. The 31-year-old finished with four sacks in seven games after recording 17.5 sacks in each of the previous two years.

The Bengals finished with a 6-11 record, their first losing season since 2020. They also missed the playoffs for the third consecutive season.