Anthony Richardson Trade Market Is Dead Quiet — And That's a Problem for the Colts

Indianapolis Colts GM Chris Ballard confirmed post-draft what the market had already signaled: Anthony Richardson, the fourth overall pick in 2023, drew zero trade calls during draft weekend. Ballard's response to whether that surprised him — 'Nothing surprises me anymore' — is the kind of quote that tells you everything. The Colts are holding a depreciating asset and the league knows it.

Richardson's situation is a convergence of bad signals. He's still recovering from an eye injury suffered in October 2025. His raw athleticism — the trait that made him a top-five pick — has never translated into consistent NFL production, with accuracy and decision-making remaining unresolved questions through two-plus seasons. And the financial structure makes it awkward: Richardson carries a $10.8 million cap hit in Indianapolis, which splits roughly $5.4 million to each side in a trade. That's not a punishing number, but for a quarterback with question marks on both his health and his on-field viability, it's enough friction to keep buyers away.

Ballard's stated posture is patience — 'We'll let it play out as it does over time' — which is the only real play available. The Colts can't cut Richardson without eating the full cap hit, and trading him at a discount just to clear space only makes sense if a quarterback-needy team gets desperate. That window could open in training camp if a starter goes down, but right now the pipeline of teams actively shopping for a reclamation QB project is thin. Daniel Jones and other veteran bridge options are still on the board for teams that want a known quantity over Richardson's boom-or-bust profile.

From a betting perspective, the Richardson limbo has direct downstream effects on Colts-related markets heading into the 2026 season. Joe Flacco or whoever Indianapolis installs as the bridge starter shapes the entire offensive ceiling — and that ceiling looks low. Indianapolis team totals will be priced conservatively by the books, but sharp money should be skeptical of any line that bakes in offensive optimism. With no established QB, a receiving corps that lacks a clear alpha, and an organization in transition, Colts team totals in the 20-21 points range should be treated as fades rather than value. The spread market will reflect this too — Indianapolis is unlikely to be laying points against anyone in the AFC South until there's actual QB clarity.

The longer Richardson sits without a destination, the more his trade value erodes — and the more the Colts' 2026 roster construction gets squeezed. Watch for any training camp desperation deal, which would likely come at pennies on the dollar. Until then, Indianapolis is a team to bet against rather than on, and any prop market attached to their passing offense — attempts, completions, yards — should be approached with maximum skepticism regardless of who's taking snaps.