Sanders’ draft stock is in freefall as he enters the third day undrafted.

NFL general managers surprised fans and media members when Colorado quarterback Shedeur Sanders was not picked in Thursday’s first round of the 2025 NFL Draft. The events that transpired in Friday’s second and third rounds were outright stunning.

Sanders was ranked the No. 2 quarterback in the class by NFL.com’s Daniel Jeremiah, ESPN’s Scouts Inc., CBS Sports and most other prospect evaluators ahead of the draft. After Cam Ward and Jaxson Dart were selected in the first round, Sanders watched as Tyler Shough, Jalen Milroe and Dillon Gabriel all came off the board on Day 2.

Entering the final day of the 2025 NFL Draft, Sanders still has not heard his name called.

One of the most commonly connected teams to Sanders in the pre-draft process was Cleveland, which drafted Oregon’s Gabriel with the No. 94 overall pick. The Browns interviewed Sanders at the NFL Scouting Combine, went to Colorado’s Pro Day and hosted him on a Top-30 visit. However, it was Gabriel, ESPN’s 10th-best passer in the draft, that the Browns picked in the third round.

Speaking to the media after the selection, Browns general manager Andrew Berry said they targeted Gabriel heading into the draft. He was also asked about Sanders and why he wasn’t the Browns’ pick.

“Shedeur Sanders is an impressive young man and a really good QB,” Berry said. “Sometimes, fit comes into play.”

Berry added that he thinks Sanders will “find himself in a good spot.”

Sanders could certainly be taken in the fourth round on Saturday, but five teams the Titans, Giants, Saints, Seahawks and Browns have already drafted a quarterback. The landing spots are becoming fewer and fewer in number as one of the most surprising stories of the NFL Draft continues.