Trey Hendrickson Remains Unsigned, So Is His Free Agency Market Crashing?

The idea that the best free agents get snatched up by teams immediately once the NFL's free agency negotiating period begins is putting the focus on pass rusher Trey Hendrickson now – because he still has no deal.

Hendrickson has been one of the NFL's premier pass rushers for years. Just two seasons ago, in 2024, he led the NFL with 17.5 sacks and that was the second consecutive year he collected that total.

And yet, still no deal.

Trey Hendrickson of the Cincinnati Bengals looks on prior to a game against the Pittsburgh Steelers at Acrisure Stadium on December 23, 2023 in Pittsburgh, Pennsylvania. (Photo by Justin K. Aller/Getty Images)

Hendrickson Expects Over $30M Average

So is the Trey Hendrickson market crashing?

That's hard to believe.

But there are obviously factors at play that have prevented him from agreeing to a deal now.

Start with interested teams: It makes sense that pass-rush needy teams such as the New England Patriots, Dallas Cowboys, perhaps Tampa Bay Buccaneers and even the Indianapolis Colts – who have Lou Anarumo, Hendrickson's former defensive coordinator with the Cincinnati Bengals, as their defensive coordinator – would be interested.

(Added need is that Indy lost pass rusher Kwity Paye to the Las Vegas Raiders on Monday).

And, yet, no deal for Hendrickson.

ATLANTA - Atlanta Falcons quarterback Kirk Cousins (18) passes under pressure from Miami Dolphins linebacker Jaelan Phillips (15) at Mercedes-Benz Stadium on Oct. 26, 2025. Photo: Dale Zanine-Imagn Images

Hendrickson Vs. Phillips Comparison

So, to quote Shakespeare, what up?

Well, it's known that Hendrickson expects to get a deal that averages north of $30 million per season. Eight pass rushers currently have deals that average $30 million per season or more and Hendrickson's representation believes their client should join that group.

Jaelan Phillips joined that group on Monday when he agreed with the Carolina Panthers to a four-year deal worth $120 million. And doing some quick math here, yes, that averages $30 million per season.

Hendrickson has been a more productive player than Phillips. 

In the last five years, Phillips has 28 sacks in 63 games. Hendrickson has 51 sacks in 71 games. Both have been injured – Phillips in 2023 and 2024 and Hendrickson last year.

So what gives?

Well, ageism perhaps.

Phillips is 26 years old.

Hendrickson is 31 years old.

PITTSBURGH - Cincinnati Bengals defensive end Trey Hendrickson (91) and Pittsburgh Steelers linebacker T.J. Watt (90) talk after a game at Acrisure Stadium on Jan. 4, 2025. Photo: Charles LeClaire-Imagn Images

Elite Rushers Make $40M On Average

And that does matter for a team committing to a multi-year deal. It's one reason the Bengals carried Hendrickson along at yearly intervals, refusing to trade him despite multiple requests but also refusing to sign him to another long-term deal.

The thing is, if one looks at the top end of the pass rush salary chart, three of the five edge players that are averaging $40 million or more are at least 31 years old or more.

That list includes Texans edge rusher Danielle Hunter who on Monday signed a one-year extension at, you guessed it, $40 million. Hunter is 32.

So, again, why isn't Hendrickson locked up after a day in which the most coveted free agents are exactly that?

The intrigue will continue Tuesday, but this is certain as players chase the big bucks: Hendrickson still being on the market after one day is a curiosity. If that extends to the start of the league year on Wednesday, that would be another matter.

That would be a suggestion the market is indeed crashing for Trey Hendrickson.