The contract dispute between Trey Hendrickson and the Cincinnati Bengals has dominated NFL headlines, with many wondering when or how the All-Pro EDGE rusher’s impasse will end.
Yet, longtime former NFL agent Joel Corry shared his expert perspective and detailed how a deal between the 17.5-sack superstar and Cincinnati could work.
Hendrickson was officially a no-show at Bengals training camp when it opened earlier this week, and he reportedly is working out at his home in Jacksonville.
What Is A Fair Contract Between Trey Hendrickson and The Bengals?
Corry, who represented high-profile clients like Ronnie Lott and John Randle over a 16-year career before he started writing about contracts and the NFL CBA, offered a detailed and nuanced synopsis of how a deal could work for CBS Sports.
“It shouldn’t be too difficult to break the contract impasse after T.J. Watt became the latest data point in an escalating pass rusher market,” Corry wrote. “The Pittsburgh Steelers just made Watt the NFL’s highest-paid non-quarterback at $41 million per year. … Watt’s three-year, $123 million extension has a non-quarterback record $108 million fully guaranteed at signing.
“Although Hendrickson isn’t looking to replace Watt as the NFL’s highest-paid edge rusher, it would be a justifiable position for him to take given he has been more productive than Watt over the last two years. Hendrickson’s 35 sacks since the start of the 2023 regular season are the NFL’s most. Watt’s 30.5 sacks during this span are second.”
Hendrickson is slated to enter the final year of his contract but is holding out for a new contract with the Bengals. He is hoping to land a huge swath of guaranteed money, like Cleveland Browns EDGE rusher Myles Garrett, who signed a four-year, $160 million deal with $123.6 million guaranteed in the spring or Bengals teammate Ja’Marr Chase, who signed a four-year, $161 million deal in March.
“Salary guarantees are a big sticking point for Hendrickson, according to multiple reports,” Corry wrote. “The Bengals aren’t willing to guarantee money beyond the first contract year. Watt’s first three contract years (2025 through 2027) are fully guaranteed. Garrett’s first two years are fully guaranteed with a majority of the money in the third year (2027) completely secure upon execution.
“Hendrickson wanting his contract structured in a similar manner isn’t an unreasonable request. A complicating factor is the Bengals hadn’t given traditional salary guarantees to a non-quarterback until Chase. He has $73.9 million fully guaranteed at signing, which is his first two years minus his per-game roster bonuses. There are $109.8 million in total guarantees that extend into 2028, the fourth year of Chase’s deal.”
What Should Trey Hendrickson’s New Contract With The Bengals Be?
Corry came up with a three-year contract worth $115.5 million and $51 million in guaranteed money for a fair deal between the Bengals and Hendrickson. The deal carries a $38.5 million AAV.
“The Bengals wouldn’t be asked to set any new team contractual precedents with this type of deal for Hendrickson,” Corry wrote. “Hendrickson would be $8.5 million ahead of Watt’s $44 million of cash in the first year. Watt would have Hendrickson by $1 million with $76 million through 2026, the second year. The gap would widen in 2027 with Watt having $8 million more in cumulative cash.”
Ultimately, Corry is rooting for a deal to get made and for Hendrickson to re-join the Bengals and that the team gets a deal done before the market further changes.
“Hopefully, the situation doesn’t become any more acrimonious than it already is and the two sides can quickly bridge their differences,” he wrote. “Allowing for additional changes to the pass rusher market with Micah Parsons and possibly Aidan Hutchinson getting contract extensions from the Dallas Cowboys and Detroit Lions would only compound the problem and likely further convince Hendrickson that he is being extremely reasonable in his contract demands.
