The Chicago Bears were unable to acquire veteran pass rusher Matthew Judon in a trade and may have difficulty luring Haason Reddick away from his problematic situation with the New York Jets. If they are willing to make a huge play, they may have another target to pursue: Cincinnati Bengals star Trey Hendrickson.
Hendrickson demanded a transfer from Cincinnati earlier in the 2024 offseason when the team rejected to offer him more security in the form of a long-term contract extension. The 29-year-old signed a four-year, $60 million contract with the Bengals in 2021 and, last summer, added another year to his pact, tying him to the team until 2025.
Hendrickson, on the other hand, recorded a career-high 17.5 sacks in 2023 and has been one of the NFL’s top pass rushers for the past three seasons, all while playing on a contract that does not pay him as well as the best in the game. His contract had an average annual value of $21 million, placing him outside the top ten highest-paid at the position and motivating him to request a trade after the Bengals declined to negotiate a new contract.
Hendrickson has now participated in the majority of Bengals’ workouts after requesting a trade on April 24. He attended voluntary workouts in the spring and continues to participate in the team’s training camp this summer, telling reporters in May that playing for the Bengals in 2024 is a “no-brainer.”
Nonetheless, Hendrickson stated that he and his agent approached the organization about a trade or a contract extension, and the front office responded “pretty firm.” And if the Bengals refuse to budge, the Bears may have a perfect opportunity to trade for a top defensive player.
Bears Have Extra 2nd-Round Pick to Offer in Trade
If the Bengals are receptive to trade proposals for Hendrickson, acquiring him would be a costly undertaking for the Bears. Hendrickson is already earning more than $20 million per season on his current contract and wants more security, which would likely require the Bears to add at least one more year to his contract and increase his annual salary.
To acquire Hendrickson, the Bears would have to give up a large amount of draft capital. Chicago traded a third-round pick to New England for Judon, but Cincinnati would likely require more — at least a second-round pick — for their great edge rusher.
A realistic trade proposal for Hendrickson would look something like this: The Bears would give up the better of their two 2025 second-round picks — presumably the one acquired from Carolina with the higher projected value — in exchange for the superstar pass rusher and the option to sign him to a long-term extension beyond the 2025 season.
The Bengals may demand a first-round pick from the Bears or any other team interested in Hendrickson, but Chicago may be able to persuade them of the value of Carolina’s pick. According to the most recent ESPN power rankings, the Panthers will finish dead last in 2024, placing their second-round pick 33rd overall.
With the correct framework, the Bears can afford to give Hendrickson a substantial contract extension. According to Over the Cap, they are predicted to have approximately $37.3 million in effective cap space in 2025, which will only increase in 2026 depending on subsequent movements. The question is whether such a high-cost transaction is in the Bears’ best long-term interests.
Would Trey Hendrickson Trade Cost Bears Too Much?
Figuring out how to pay Hendrickson would be a major challenge for the Bears. It is unclear how much of a raise Hendrickson is looking for, but his performance suggests he is entitled of compensation comparable to 30-year-old Danielle Hunter, who received a two-year, $49 million contract with the Houston Texans during 2024 NFL free agency.
If $24.5 million per year is a true estimate, the Bears will have a difficult time justifying such a fee for Hendrickson. After all, they are already paying star Montez Sweat that much every year for the next four seasons, after signing him to a $98 million contract last November. Double-dipping at the same price point is virtually impossible.
The Bears may also want to maintain both of their second-round picks for 2025. If Carolina falls to rock bottom again in 2024, the Panthers’ pick could be a pseudo-first-rounder, while their own pick would be in the top 50 based on the same ESPN power rankings that have the Bears at No. 17 overall. For a team that recently secured its franchise quarterback, it could be more profitable to use those picks instead of dealing them.
The Bears may feel differently closer to the 2024 NFL trade deadline on November 5, however. If they are sorely in need of pass-rushing reinforcements near the midpoint of the season, they might feel comfortable about utilizing one of their two second-round picks to add another veteran to the mix, even Hendrickson under the right circumstances.
Bears general manager Ryan Poles has traded second-round picks at the last two trade deadlines, exchanging one for Chase Claypool in 2022 and another for Sweat in 2023. If the occasion arrives, do not expect Poles to sit on their hands.
