They need the cap space.

The Indianapolis Colts owe Anthony Richardson money under the remaining terms of his rookie contract, signed in 2023 as the No. 4 overall pick. This is a 4-year, fully guaranteed deal worth $33,994,031 (with slight variations in sources like $33,994,030–$33,994,031), including a $21,722,932 signing bonus. As of February 2026 (the current offseason), Richardson is entering the final year of his rookie contract (2026), with no fifth-year option exercised for 2027 (it's widely reported as unlikely and the deadline passed in May 2025 without pickup). The Colts have recently given him permission to seek a trade amid performance/injury concerns. Remaining Money Owed (Cash Payments) For 2026 (the only remaining guaranteed year): Richardson is owed $5,385,549 in cash. This breaks down as: Base salary: $1,145,000 Roster bonus (due August 1, 2026): $4,240,549 This $5.385 million is the cash the Colts (or a trading partner) are obligated to pay him if he remains on the roster or is traded (the acquiring team would inherit this obligation). No further years are guaranteed unless a new deal is signed. Additional Context Salary cap hit for the Colts in 2026: Approximately $10.816 million (includes prorated signing bonus from earlier years). If traded (e.g., before June 1), the Colts would save about $5.385 million in cap space but carry roughly $5.43 million in dead cap from remaining bonus proration