Grading the Chiefs' Trade for Josh Downs: The Move KC Had to Make

As the 2026 NFL trade deadline approached, everyone knew that the Kansas City Chiefs were in the market for wide receiver help. Indianapolis Colts wide receiver Josh Downs was the player most often mocked to Kansas City, even as other receivers were rumored to be on the market.

On Tuesday, only two wide receivers were actually traded, and they both came from Indianapolis. The Colts sent Keenan Allen to the San Francisco 49ers for a 2027 sixth-round pick, while the Chiefs added Downs (and a late seventh-rounder) in exchange for a fourth- and fifth-round pick in the '27 draft.

Recent reports have indicated that the Chiefs were willing to give up a fourth-round pick for Downs well before deadline day, but the Colts held firm until Tuesday, when the Chiefs added the fifth-rounder to seal the deal.

So, how did the Chiefs ultimately fare in the agreement that brought a much-needed pass catcher to Kansas City?

Before any Chiefs fans take offense to "just" a B, hear me out: I think this is a good move that Kansas City had to make. If I were in general manager Brett Veach's shoes as the clock ticked down on deadline day, I would have accepted this same final offer. Still, the Colts got very fair value for their 2023 third-round pick.

A simple trade of Downs for a fourth-rounder would have felt like a better deal for the Chiefs, but I also vastly prefer the way the Chiefs packaged the fourth- and fifth-rounders as opposed to sending a single third-round pick to Indianapolis in the transaction. Meanwhile, the Colts had some leverage because the entire league knew that the Chiefs were in desperate need of a starting-caliber wide receiver.

That point is one of the reasons I struggle to lift the Chiefs' grade above a "B." After an offseason of discussion about how badly Kansas City needed to invest in their wide receiver room, they were left scrambling in November because their current group of pass catchers hasn't been good enough (or healthy enough) to keep the offense afloat.

Tyquan Thornton was looking excellent before his serious ankle injury, and Rashee Rice has been solid when he's been healthy (which may still be a work in progress), but Xavier Worthy hasn't taken a third-year jump, while Jalen Royals and Andrew Armstrong haven't made much of their respective workloads. Rookie Cyrus Allen hasn't had a serious role, despite his training camp hype. This was a predictable problem with the Chiefs' roster well before the season began.

There's one other major unknown in Downs' future that will ultimately determine how this trade is viewed. Right now, Downs is only guaranteed to be in Kansas City through the remainder of this season. He's in the final year of his rookie contract and is scheduled to hit free agency in the spring. That, of course, is part of the reason he was available for roughly a third-round value, while players like Brian Thomas Jr., with additional team control on their current contracts, didn't get moved at the deadline. There was no urgency for many of those other teams and players.

The Colts essentially had to trade Downs on Tuesday, and the Chiefs essentially had to add a receiver. Therefore, the leverage game evened out and both sides got what they wanted.

You'd also be well within your rights to ask me why I care about a fifth-round pick at all. The NFL Draft is always a bit of a guessing game, and Day 3 draftees rarely become impact players. That's all completely fair—it's also one of the reasons I'd be a pick-hoarder as a general manager. Keeping more picks means taking more swings on players who could round out your roster at very low salaries for years to come.

In the 2026 NFL Draft, the Chiefs had two fifth-round picks: running back Emmett Johnson, who has flashed budding-star potential, and the aforementioned Allen, who had plenty of training camp hype but has only five catches so far this season.

In 2025, the Chiefs' fourth- and fifth-rounders were Royals and linebacker Jeffrey Bassa: two players who haven't yet made an impact in the pros.

What about 2024's Jared Wiley, Jaden Hicks, and Hunter Nourzad? Hicks is carrying that group as KC's third safety, while the others are organizational depth. 2023's Chamarri Conner and BJ Thompson? Conner is a valued starter in the final year of his rookie deal, while Thompson never stuck. 2020's L'Jarius Sneed and Mike Danna? Those were massive hits, but they came many, many draft classes ago.

All of that is to reiterate why I'd always like to have a few more draft picks, given the opportunity, but I am certainly not bent out of shape about the extra selection needed to seal the deal to bring Downs to KC.

How the Chiefs' Josh Downs grade could improve this offseason

Much like any overachieving student, perhaps you're not content with a "B" and would like to raise your grade later in the year with some extra credit. The Chiefs can do that, too!

If the Chiefs enjoy their time with Downs throughout the second half of this 2026 season (and if Downs is willing to forego full-on free agency for the sake of pairing up with Patrick Mahomes for the next act of his career), Kansas City could pay Downs and ensure that he won't just be a half-season rental. Even if Downs does leave in free agency, the Chiefs would be able to recoup some value with his addition to the compensatory pick formula, which would soften the blow.

The Chiefs absolutely did not get ripped off. The Colts certainly didn't get swindled. This is about as fair of a mid-level trade as you'll find between a contender and a rebuilder, and both teams are better off now than they were on Tuesday morning.

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