Following the conclusion of the 2026 NFL Draft, the Indianapolis Colts and quarterback Anthony Richardson remain in a holding pattern—no trade has been finalized, and the former first-round pick is still wearing the horseshoe. In a recent appearance on the 'Rich Eisen Show,' Colts General Manager Chris Ballard offered a candid update on the situation.
"Well, nothing yet," Ballard told Eisen. "You know, he's still a Colt as of right now. We'll continue to work through that, but he's still an Indianapolis Colt. We've also got Riley Leonard on the roster, who did well last year. So, we'll work through that as we go along."
Trade discussions between Richardson and the Colts first surfaced back in late February during the NFL combine, but despite two months of speculation, free agency moves, and the draft now in the rearview mirror, no agreement has been reached. According to ESPN's Adam Schefter, Richardson's trade market has been described as "soft," and Ballard is reportedly holding firm on getting a fair return for the 23-year-old quarterback—the No. 4 overall pick in 2023.
For context, Richardson has shown flashes of elite athleticism but has struggled with consistency and injuries early in his career. According to NFL insider Jeremy Fowler, the young QB ideally wants to land in a system that's an "extension of the McVay-Shanahan-LaFleur tree" to further develop his game—a nod to the offensive schemes run by Sean McVay, Kyle Shanahan, and Matt LaFleur, known for maximizing quarterback potential.
As of draft week, Richardson had not reported to the Colts' voluntary offseason workout programs. While those sessions are optional, mandatory minicamp arrives in June, followed by training camp in July. The Colts are surely hoping these trade talks don't drag into that portion of the offseason, which could create an awkward locker room dynamic.
As expected, the Colts declined to pick up Richardson's fifth-year option for the 2027 season, signaling that his long-term future in Indianapolis is uncertain. For now, the team is in wait-and-see mode, with Ballard keeping all options open as the offseason unfolds.