Doesn't receive fifth-year option

The Colts didn't exercise the fifth-year option on Richardson's (eye) rookie contract, Kevin Bowen of 107.5 The Fan Indianapolis reports.

A first-round pick of the 2023 NFL Draft, fourth overall, Richardson has dealt with injuries and inconsistency during his three-year career, and after losing out in the QB competition with Daniel Jones (Achilles) last August, the former eventually suffered an orbital fracture in pregame warmups ahead of Week 6 action and missed the rest of the 2025 campaign. Richardson then put in a trade request with Indianapolis in February and is skipping the early portion of the offseason program. Considering where he stands with the organization, it's no surprise the Colts opted not to commit roughly $22.5 million in Richardson for the 2027 season. Whether or not he ends up elsewhere in the coming weeks or months remains to be seen, but as GM Chris Ballard told Stephen Holder of ESPN.com at the annual league meeting in late March, a scenario "definitely" exists for Richardson to stay with the only pro team he's ever known.