The other bad contract that the Bengals currently are dealing with is Jonah Williams' deal. The Bengals could have been rid of Williams but after an impressive 2021 season, they picked up his fifth-year option, meaning that they're on the hook for a $12.6 million cap hit in 2023. I understand why Cincinnati picked up his fifth-year option but it didn't work out, as he regressed in 2022.
Williams won't even be playing the position he was drafted to play, as the Bengals signed Orlando Brown Jr. in the offseason to play left tackle. That means that Williams is moving to the right side and while there will be a competition for the starting right tackle job, the Bengals won't let Williams ride the bench when he's making over $12 million in 2023.
The Bengals gambled on Williams after he had been injured for his first two years but put together a healthy and productive third season. It didn't pay off for them but the fact that they only have two bad contracts on the books is a plus for sure.
The good news is that Williams will be a free agent after this year and the Bengals can easily get out of Collins' contract next year if necessary. Things could certainly be a lot worse on that front.