Anthony Richardson dilemma puts Colts in $20m hole as quarterback chaos looms

The 2026 NFL offseason has arrived in Indianapolis, and it brings with it a reality few could have imagined when the Colts selected Anthony Richardson fourth overall in 2023.

Once hailed as a unicorn prospect, a 6-foot-4 marvel with rare speed and elite arm strength, Richardson now faces an uncertain future in a quarterback room that no longer revolves around his development.

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What was supposed to be the foundation of the Shane Steichen era has shifted dramatically.

The primary catalyst has been the resurgence of Daniel Jones.

Signed initially as experienced competition, Jones flourished in Steichen’s system during the 2025 season, completing roughly 68 percent of his passes and stabilizing the offense before suffering a torn Achilles in December.

While his recovery will be closely monitored, the Colts have publicly expressed confidence in Jones’ command, and all indications point toward him entering 2026 as the presumptive starter.

That confidence stands in stark contrast to Richardson’s trajectory.

Richardson’s 2024 season ended with a 47.7 percent completion rate, the lowest among qualified NFL starters that year and one of the lowest marks in the modern era.

Accuracy concerns that were once framed as developmental hurdles have become persistent questions.

Durability has compounded the issue.

A fractured orbital bone suffered in 2025 sidelined him for an extended stretch, and while the organization has indicated he is progressing in his recovery, availability has become part of the evaluation.

Through his first two seasons, Richardson has missed 17 of a possible 34 games.

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Philip Rivers arrived to answer the emergency call as the season spiralled out of control, and when that roll of the dice failed, in stepped Riley Leonard to complicate matters further.

The rookie quarterback’s late-season snaps in 2025 showcased poise and operational efficiency within the system.

While it would be premature to declare a finalized 2026 depth chart, the competition behind Jones appears more open than it once did, and no longer guarantees Richardson a clear runway back to the top.

The looming financial decision only sharpens the picture.

With the May 1 deadline approaching for the Colts to exercise Richardson’s fifth-year option, the organization must weigh whether to guarantee a projected salary north of $20 million for the 2027 season. That is a significant commitment for a player whose role remains unsettled.

For Richardson, a change of scenery could eventually become part of the conversation.

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His rare physical traits will always intrigue quarterback-needy teams willing to bet on upside. But in Indianapolis, the organizational tone has shifted from long-term projection to immediate stability.

Three years after being drafted as the franchise cornerstone, Richardson now enters an offseason defined not by promise, but by uncertainty.

The Colts appear committed to a steadier path forward — one that may no longer center on their former top-five pick.

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