Anthony Richardson Named Colts QB2: Hold, Sell, or Buy in Superflex Dynasty?

What the Colts actually decided

Head coach Shane Steichen named Richardson the Colts' backup quarterback for the 2026 season and placed Leonard at QB3. Richardson and Leonard had split second- and third-team work during camp. Richardson then completed 21 of 33 preseason attempts for 249 yards. The decision gives him direct access to the lineup if Jones becomes unavailable, but the Colts did not announce a rotation, competition or future handoff.

Jones' position is materially different. Indianapolis reports that he took virtually every first-team snap from the start of training camp after recovering from a torn Achilles. The team describes him as its starting quarterback, not a placeholder sharing preparation. A manager buying Richardson should therefore price a backup role behind a starter who has been healthy and fully involved this summer.

The narrow conclusion is the reliable one: Richardson beat Leonard for QB2 and remains on the roster after requesting a trade in February. Nothing in the announcement guarantees a 2026 start. It also does not mean the Colts have abandoned him. Dynasty value has to reflect both facts at the same time.

Why this is not a typical young QB2 story

Richardson is not a rookie waiting for his first NFL evidence. He has already started 15 games and owns an 8-7 record in those starts. The Colts list 2,400 career passing yards, 11 passing touchdowns and 13 interceptions, plus 10 rushing touchdowns. That sample is incomplete and uneven, but it tells us more than a depth-chart label alone.

His rushing production is the source of the fantasy appeal. Ten rushing touchdowns in limited starting work show how quickly he can create lineup value when he is on the field. That ceiling makes him more interesting than a conventional backup who needs efficient passing volume to become usable. It does not solve the harder NFL question: whether he will receive and retain another starting opportunity.

The February trade request adds another path without making a move inevitable. Indianapolis kept him, Richardson publicly committed to helping the team, and general manager Chris Ballard praised how he handled the situation. A trade remains a possible catalyst, but managers should not pay as though an interested team and a starting job are already waiting.

FairPlay September 4 baseline

FairPlay's September 4 model ranks Richardson 475th overall with a value of 451. Daniel Jones ranks 72nd at 4,360, while Leonard ranks 1,068th at 93. All three are currently evaluated in the NFL-production branch. The gap is not a prediction that Jones is ten times as talented. It reflects the large dynasty premium attached to a confirmed starting role and the limited market value of a backup with no scheduled starts.

Richardson's number is also a lagging baseline by design. The deterministic model weighs market context, production, opportunity, age, draft investment, position scarcity and roster environment. The QB2 announcement improves his depth-chart position relative to Leonard, but it does not create the weekly opportunity that drives a starting quarterback's value. The news belongs in the decision layer before it belongs in a large model adjustment.

That distinction protects managers from reacting in either direction. A value of 451 should not be read as a claim that Richardson has no upside. A former starter with rushing ability can gain value sharply if circumstances change. It should be read as the price of uncertainty today: managers cannot put him into a lineup while Jones is healthy and starting.

The hold case

Hold Richardson when the roster can carry a non-starting quarterback without sacrificing weekly points or a scarce bench spot. A deep Superflex team with two reliable starters and enough injury cover can treat him as an inexpensive option on a future catalyst. The relevant outcomes include a Jones injury, a performance-driven change, a trade, or another team revisiting Richardson in a later offseason.

The strongest hold is a patient roster that acquired him after the market had already collapsed. Selling a volatile quarterback for an equally low-value bench player does not create flexibility; it only exchanges one uncertain profile for another. Quarterback scarcity means even a brief starting window could produce a better exit than the current QB2 announcement.

Holding still needs a limit. If your league has shallow benches, no taxi eligibility, or useful starters on waivers, the spot has an opportunity cost. The right question is not whether Richardson once carried a premium rookie price. Ask whether his probability-weighted upside is better than the players you must pass on today.

The buy case

Richardson is a buy only when the price reflects a backup. The attractive offer is built from a disposable roster piece or a later pick that does not block a more useful move. At that level, his rushing ceiling and direct QB2 position give the roster asymmetric upside: the acquisition cost is modest, while one credible starting opportunity could reopen a much larger market.

Do not call every discount a buy-low. His old startup cost, draft slot or peak ranking is not today's value. Jones owns the first-team job, and Richardson's career passing line includes more interceptions than touchdowns. A seller reducing the price from a former premium does not automatically make the new price efficient.

The cleanest buyer is a manager who already rosters Jones and has sufficient bench space. The pair protects access to Colts starts without requiring a prediction about when the backup will play. Managers without Jones should demand a wider discount because Richardson may never cover one of their own lineup absences.

The sell case

Sell when another manager prices Richardson as an imminent starter rather than a contingent one. The QB2 promotion can create optimism because he is now one injury from the lineup, but every NFL backup can be described that way. His rushing ability raises the payoff if the opportunity arrives; it does not raise the probability of Jones leaving the field on a predictable schedule.

A contender should also consider selling if Richardson is its third quarterback and the return can directly improve a starting position. Bench upside is useful, but points in the active lineup are more valuable during a real title window. The trade becomes especially attractive when another manager will pay a flexible future pick rather than a different low-liquidity reserve.

Avoid selling just to close the book on a frustrating asset. Dynasty losses are not recovered by taking any available offer. Compare the return with Richardson's realistic catalyst value and with the best waiver alternative. If neither improves the roster or its flexibility, waiting can still be the disciplined choice.

What contenders should do

A contender should separate insurance from speculation. If Jones is already on the roster, Richardson can provide team-specific protection at a low enough cost. If your starters are elsewhere, he does not protect their jobs and should not be counted as a playable QB3. Build the weekly lineup as though he scores zero while Jones remains available.

That makes roster construction the deciding variable. A deep team can keep one volatile bench quarterback and wait for a value event. A fragile team with only two starters may need its third quarterback to have a clearer path to starts. Paying more for current access can be rational even if Richardson has the higher theoretical ceiling.

Before acquiring him, identify the player you would cut and the move you could no longer make. If the cost is a productive flex option or the roster's only emergency starter, the stash is no longer cheap. Contenders should buy optionality with surplus, not remove points from the lineup to chase it.

What rebuilders should do

Rebuilders can accept a longer wait because current points are not the priority. Richardson is 24, and quarterback value can change quickly when a starting path reopens. If he can be acquired for a low-liquidity veteran who will not matter to the next competitive roster, the rebuilder is exchanging a declining asset for a wider range of outcomes.

Youth does not make the bet safe. Richardson has already moved from starter to reserve, and Indianapolis has not announced a development plan that leads back to QB1. A rebuilder should prefer several independent ways to gain value. Do not make him the only quarterback bet or spend a premium pick merely because the roster can wait.

The best rebuild plan defines an exit before the catalyst. Decide what kind of starting opportunity would trigger a sale, what evidence would justify a longer hold, and what roster deadline makes the bench spot too expensive. That turns Richardson from a hope-based stash into a managed probability bet.

Trade boundaries to use now

Treat Richardson as speculative quarterback access, not as a locked-in QB2 for fantasy lineups. In a shallow league, a future third-round pick or an expendable veteran may already be too much if similar backups are free. In a deep league where every NFL QB2 is rostered, the same price can be reasonable because waivers offer no comparable path to starts.

Do not exchange a usable starting quarterback for Richardson without receiving substantial additional value. The FairPlay gap between Jones and Richardson illustrates the role premium that must be replaced. A package can close the numerical difference, but the incoming assets must also solve the lost weekly start and remain liquid enough to move later.

When negotiations become anchored to Richardson's old price, reset the discussion around today's alternatives. Compare him with other direct backups, volatile starters and young quarterbacks who already receive first-team snaps. Pay for the outcomes still available, not the value that disappeared when his role changed.

What could change the recommendation

A real trade is the clearest external catalyst, but the destination matters more than the transaction headline. A team acquiring Richardson as another backup would not solve the opportunity problem. A move to compete for or inherit a starting job would justify a fresh valuation after the contract, depth chart and supporting offense are known.

Inside Indianapolis, first-team practice work would be an early signal that the contingency is becoming more active. Jones' health and regular-season performance will matter, but one poor game should not be treated as an automatic change. Track repeated coaching decisions, preparation with starters and any explicit statement from Steichen.

Richardson's own play must answer the passing questions that rushing production cannot. If he starts again, watch accuracy, pressure response, sack avoidance, turnover rate and whether the offense can sustain drives. Fantasy points may arrive quickly through his legs, while long-term dynasty value will depend on evidence that an NFL team will keep giving him starts.

The recommendation today

Hold Richardson on deep rosters when the opportunity cost is low. Buy only at a clear backup price, with the strongest case belonging to a Jones manager or a rebuilder exchanging an expiring veteran. Sell when the return assumes an imminent start or when a contender can turn the stash into a player who improves the weekly lineup.

The QB2 announcement is modestly positive relative to losing the backup competition, but it does not reverse the central problem. Richardson has a direct path to emergency snaps and a fantasy-friendly rushing profile. Jones has the actual job, full first-team preparation and the far stronger current market value.

That is the useful Superflex frame: Richardson is an option whose payoff could be large, not a starter whose points can be scheduled. Price the probability, protect the roster spot, and update the decision only when Indianapolis or another team supplies new evidence.

Sources and update note

The Colts' September 3 announcement confirms Richardson as QB2, Leonard as QB3, Richardson's preseason line, February trade request, 15-start record, career passing totals and rushing touchdowns. The Colts' report on Jones confirms his starting role and near-exclusive first-team work during 2026 camp. Facts were checked on September 4, 2026. FairPlay values use the model snapshot generated September 4 in Beijing, corresponding to September 3 at 19:00 UTC. Trade recommendations are FairPlay analysis and will be reviewed after a trade, injury, depth-chart change or meaningful regular-season evidence.