Bengals may franchise tag star pass rusher Trey Hendrickson, potentially setting up a tag-and-trade scenario.
The Trey Hendrickson saga in Cincinnati is far from over.
Just when it seemed like the star pass rusher was on his way out, NFL Network insider Mike Garafolo dropped a report on Sunday that adds a new layer to the situation.
"Our understanding is that the Bengals are still considering using the franchise tag," Garafolo said during NFL GameDay Morning. "Could it be a tag-and-trade possibility? Perhaps. Sounds like all options are on the table for Hendrickson right now, but it is not a foregone conclusion that his time in Cincinnati is over."
A Tough 2025 for Hendrickson and the Bengals
It was a rough year all around in Cincinnati.
The Bengals finished 6-11 and third in the AFC North, missing the playoffs for the second straight season while allowing 28.9 points per game, 30th in the NFL.
Hendrickson's injury-shortened season played a big role in why the defense struggled.
The 31-year-old appeared in just seven games before a hip and pelvis injury landed him on injured reserve in December and led to core muscle surgery.
He recorded four sacks, 16 tackles, and one forced fumble, a far cry from his back-to-back 17.5-sack campaigns in 2023 and 2024.
Even so, Hendrickson was still productive when healthy, earning a 90.0 pass rush grade from PFF that ranked sixth among all edge defenders.
That kind of talent is hard to replace, which is why Cincinnati may not be ready to let him walk.
Why Hendrickson Could Leave
The relationship between the two sides has been strained for years.
Hendrickson requested a trade last offseason and held out of training camp before agreeing to a restructured one-year deal worth $30 million for 2025.
They never came close to the long-term extension he has been looking for, and reports throughout the year suggested both sides were preparing to move on.
Hendrickson is set to become an unrestricted free agent this March, and both ESPN and PFF have ranked him as the No. 1 overall free agent heading into 2026.
The franchise tag would cost roughly $36 million for one season, and for a team with plenty of holes on defense, that price tag on a 31-year-old coming off surgery is a tough sell.
What Comes Next
Garafolo's report opens the door for a creative solution.
If the Bengals tag Hendrickson, they could then work out a trade with a team willing to give him a long-term deal while sending draft picks back to Cincinnati, rather than watching him walk for nothing more than a future compensatory pick.
Cincinnati holds the No. 10 overall pick in April's draft and is expected to target defensive help early as the front office tries to rebuild around Joe Burrow.
Whether that rebuild includes Hendrickson is the biggest question of the Bengals' offseason, and according to Garafolo, nothing has been decided just yet.