Trey Hendrickson Reportedly Won't Get Bengals Franchise Tag, Top NFL Free-Agent Landing Spots

Trey Hendrickson could be hitting the open market when free agency starts March 11.

The Cincinnati Bengals will not use a franchise tag on their star defensive end, NFL Network's Ian Rapoport and Tom Pelissero reported Tuesday.

A franchise tag would have cost the Bengals about $30.2 million next season. Instead, Hendrickson will become an unrestricted free agent next week.

One potential landing spot for Hendrickson could be the Indianapolis Colts, where he could reunite with former Bengals defensive coordinator and current Colts DC Lou Anarumo.

Hendrickson also has a connection to Chicago Bears defensive coordinator Dennis Allen, who worked with him during the defender's four-year tenure with the New Orleans Saints.

Another option could be the New England Patriots, where MassLive's Mark Daniels and Karen Guregian recently reported Hendrickson has "quite a few admirers inside Gillette Stadium."

Pending free agents can begin communicating with clubs at noon ET on March 9, and can sign a new contract after 4 p.m. ET on March 11.

Acquiring Hendrickson could allow the Patriots to brace for potentially losing K'Lavon Chaisson to free agency after his 7.5-sack campaign in 2025.

The Colts could meanwhile be looking for another pass rusher to play opposite Laiatu Latu, while the Bears could theoretically slot Hendrickson in with Montez Sweat.

Spotrac projects Hendrickson's market value at a two-year, $50.9 million deal with an average salary of $25.4 million.

The Patriots currently have $39.2 million in cap space for the 2026 season, while the Colts have $32.2 million in space, per Over the Cap.

The Colts may also need room to re-sign Daniel Jones. CBS Sports' Jonathan Jones reported Monday that both sides were still working on a potential long-term deal ahead of the tag deadline.

The Bears would likely need to do some financial maneuvering in order to make room for a Hendrickson deal. The franchise is currently projected to be $7.5 million over the cap, per Over the Cap.

Hendrickson could draw interest from any team willing to clear out cap space in order to bolster their pass rush in 2026. He is expected to have a "strong market," and there are already "several teams interested," according to The Athletic's Dianna Russini.

The Bengals engaged in trade talks involving Hendrickson at multiple points last season, but were unable to get their asking price due to Hendrickson's expiring contract, per The Athletic's Paul Dehner Jr.

Hendrickson was limited by injuries to seven games and 4.0 sacks last season, but he's one year removed from back-to-back 17.5-sack campaigns. He will provide a significant boost to his next team's pass rush if he is able to stay healthy during his age-32 campaign.