The Bengals are at a stalemate with Trey Hendrickson. The team has yet to meet his demand for a contract extension or a trade, which could lead him to hold out this summer, according to ESPN’s Jeremy Fowler.

Hendrickson is due $16MM in 2025, the final year of his contract. After leading the league in sacks on the way to a first-team All-Pro selection in 2024, he wants a new deal that pays him as one of the league’s top edge rushers and keeps him in Cincinnati for the foreseeable future. If the Bengals won’t pay him, he’d prefer to be traded to a team that will.

If the team doesn’t meet either of those demands, Hendrickson seems prepared to skip OTAs and potentially continue a holdout into training camp. That would leave the Bengals without their best defensive player as they install a new scheme under new defensive coordinator Al Golden.

Missing Hendrickson during training camp would be concerning, but manageable. An extended holdout into the regular season, however, could be disastrous for a Cincinnati defense that lacks another pass-rushing threat. Hendrickson was responsible for 17.5 of the team’s 36 sacks last year; no other Bengal posted more than 5.0. That should give him significant leverage in the coming months, especially since the team declined to add any proven pass-rushing talent this offseason.

The Bengals did draft Texas A&M’s Shemar Stewart, a pick that has largely been viewed in the context of Hendrickson’s contract situation. While the two had similar frames and athletic profiles as prospects, Stewart’s lack of college production makes it unlikely he can make up for the potential absence of his veteran teammate right away. The Bengals already needed a second starter on the edge after parting ways with Sam Hubbard this offseason, so selecting Stewart was likely more about finding a pass-rushing partner for Hendrickson rather than a direct replacement.

Cincinnati has engaged with Hendrickson on an extension, and their rejection of multiple trade offers indicates a desire to get a deal done. However, major financial commitments to Ja’Marr Chase, Tee Higgins, and Joe Burrow may deter the notoriously frugal franchise from giving a long-term market-level deal to Hendrickson. He’s stated a desire to stay in Cincinnati, but if the team has no designs to keep him past 2025 or trade him to a new team this summer, he may have to settle for a one-year raise and hope to cash in as a free agent next year.