My toddler has a cold and now has yellow crusty discharge from his eyes. His eyes are not pink...But what else could it be?

Pink eye. Not much else it can be. Perhaps allergy? If getting worse, go to pediatrician.
Viral conjunctivitis. Just as nasal mucosa infected with a cold can become leaky (causing a runny nose), so can the eye. Sometimes this causes tearing and watery eyes, but very often it causes eye "crusties" that especially accumulate when eyes are closed for long periods, as in sleeping. If the eye is not red or painful and vision is normal, no worries. Just apply warm clean cloths to remove the discharge.
Lacrimal Duct. When you have a cold or allergy, you can get inflammation of the lacrimal ducts, and when they get stopped up, it causes the discharge. Keep it cleaned out, and you can use saline drops if needed. If that does not work, he may need to be seen, as the clogged ducts can get infected.