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Abstract The relaxation of photoexcited polarons in doped conjugated polymers is studied with ultrafast transient absorption (TA) spectroscopy to examine the effect of polymer morphology and counterion size on polaron mobility. Processing conditions are first used to create F₄TCNQ‐doped (2,3,5,6‐tetrafluoro‐tetracyanoquinodimethane) poly(3‐hexylthiophene‐2,5‐diyl) (P3HT) films with different morphologies and thus free and trapped polarons in different ratios. We find that less crystalline films have a higher fraction of trapped polarons, but, remarkably, that free and trapped polarons have the same relaxation times in all films. Films doped with a large dodecaborane (DDB) cluster‐based dopant are then used to show that trapping is based on Coulomb interactions between polarons and counterions; no trapped polarons are observed in TA due to the reduced Coulomb interaction between the polarons and the DDB counterion. Indeed, the relaxation of polarons in these films is an order of magnitude faster than that in F₄TCNQ‐doped films, consistent with reduced trapping. Finally, the results are used to argue that counterion size has a greater effect on polaron mobility than polymer morphology and crystallinity. All of the experiments show that pump/probe spectroscopy provides a straightforward way to determine the local mobilities and degree of carrier trapping in doped conjugated polymer films.