Colts Face Difficult Decision With Josh Downs as NFL Trade Deadline Approaches

The Indianapolis Colts' best active wide receiver could be part of the expected exodus of players traded before the deadline.

Dec 14, 2025; Seattle, Washington, USA; Indianapolis Colts wide receiver Josh Downs (2) celebrates after catching a touchdown pass against the Seattle Seahawks during the second quarter at Lumen Field. Mandatory Credit: Steven Bisig-Imagn Images | IMAGN IMAGES via Reuters Connect

To trade, or not to trade. 

The Indianapolis Colts find themselves at a crossroads, with the direction of the franchise suddenly far less certain than it appeared just weeks ago. As the organization looks to chart its next steps, decisions made over the coming weeks could have lasting implications for its future. 

One intriguing question now emerging is whether Indianapolis could part ways with a player who has been a key piece of its offense.

Why Josh Downs Has Emerged as a Trade Candidate

Oct 11, 2026; Pittsburgh, Pennsylvania, USA; Indianapolis Colts wide reciever Josh Downs (2) looks on after the game against Pittsburgh Steelers at Acrisure Stadium. Mandatory Credit: Charles LeClaire-Imagn Images | IMAGN IMAGES via Reuters Connect

The Indianapolis Colts could have some difficult decisions to make ahead of the NFL trade deadline. With DeForest Buckner, Quenton Nelson and Keenan Allen among the players whose names have surfaced in trade discussions, Josh Downs is another name worth watching, per ESPN's Jeremy Fowler.

Fowler mentioned Downs as a potential trade candidate Monday while discussing the wide receiver market ahead of the Nov. 10 deadline. His comments came less than a week after Indianapolis fired general manager Chris Ballard, leaving interim GM Ed Dodds to navigate an uncertain future for the franchise.

The Aftermath top stories, including the Chiefs potentially adding WR help via trade and a look at Aaron Glenn in New York and Shane Steichen in Indianapolis. pic.twitter.com/ctDMRjtDSn

— Jeremy Fowler (@JFowlerESPN) October 26, 2026

At 2-5, the Colts have fallen well short of expectations, raising questions about whether the organization should prioritize salvaging the 2026 season or begin positioning itself for the future. Fowler has also reported that rival teams believe Indianapolis could be open to making deals before the deadline, particularly involving players approaching the end of their contracts. Downs fits that profile as he plays out the final year of his rookie deal.

Fowler's report does not mean the Colts are actively shopping the 25-year-old receiver, but the combination of Indianapolis' struggles and Downs' contract situation makes him an intriguing candidate to monitor.

A Frustrated Receiver on a Struggling Team?

Indianapolis Colts wide receiver Josh Downs (1) looks toward the crowd while warming up Saturday, July 27, 2024, during the Indianapolis Colts’ training camp at Grand Park Sports Complex in Westfield. | USA TODAY Network via Reuters Connect

Downs' recent performances have offered little encouragement as the Colts' season has gone off course. After recording 77 receiving yards against the Houston Texans in Week 3, the fourth-year receiver has failed to reach 50 yards in any of his four subsequent games.

That decline is particularly notable given the circumstances. Alec Pierce has been sidelined with a heel injury since Week 2, leaving Indianapolis without one of its primary downfield threats. His absence should have created opportunities for Downs to assume a larger role, yet the receiver has managed just 58 yards over the past two games. He caught four passes for 40 yards against the Tennessee Titans before recording two receptions for 18 yards in Sunday's loss to the Minnesota Vikings. Downs has yet to record a receiving touchdown this season.

His production is not the only thing worth watching. Downs' demeanor over the past few weeks has also stood out, with the receiver appearing increasingly frustrated at times. That reaction would be understandable given Indianapolis' struggles, particularly for a player whose future with the organization is uncertain.

Body language alone cannot establish whether Downs wants out of Indianapolis. Still, his recent performances and apparent frustration provide additional context as questions emerge about his future with the Colts.

Why a Josh Downs Trade Makes Sense

Indianapolis Colts wide receiver Josh Downs (1) flips the ball to an official after a first half catch against The New Orleans Saints, Sunday., Oct 29, 2023, at Lucas Oil Stadium in Indianapolis. | USA TODAY Network via Reuters Connect

If Indianapolis believes a significant roster reset is necessary, Downs could be a logical candidate to move. His established production and potential appeal to contenders give the Colts an opportunity to address their longer-term needs while helping another team immediately.

Downs recorded at least 58 receptions in each of his first three NFL seasons, establishing himself as a reliable slot receiver. That experience could appeal to a contender seeking another pass catcher without committing significant resources to an older veteran. However, with Downs in the final year of his rookie contract, an acquiring team would be taking on a potential rental unless it could reach an extension with him.

Several teams could make sense as potential suitors. The Kansas City Chiefs have been looking around for receiver help amid injuries at the position, while the Pittsburgh Steelers have also been identified as a potential fit. Downs' ability to work primarily from the slot could give either team another option in the passing game, depending on its needs and willingness to pursue a deal.

Indianapolis has its own reasons to consider a move. The Colts lack a 2027 first-round pick after acquiring cornerback Sauce Gardner from the New York Jets, making the prospect of replenishing their draft capital particularly relevant if the season continues to unravel.

There is also the question of whether Downs would want to remain in Indianapolis beyond this season. His recent frustration could simply reflect the team's struggles, but if it signals broader dissatisfaction with the organization's direction, an extension could become more difficult to negotiate. Downs said in July that he wanted to boost his stock throughout the season before determining what came next, leaving his long-term plans open.

The Colts cannot assume Downs intends to leave, but they also cannot ignore the possibility of losing him in free agency without receiving anything in return. If the organization does not believe an extension is realistic, exploring his trade market now could be a sensible way to recoup value rather than risk his departure for nothing.

Make an Already Bad Problem Worse?

Oct 4, 2026; Tottenham, ENG; Indianapolis Colts quarterback Daniel Jones (17) celebrates with wide receiver Josh Downs (2) after a touchdown against the Washington Commanders during the fourth quarter at Tottenham Hotspur Stadium. Mandatory Credit: Geoff Burke-Imagn Images | IMAGN IMAGES via Reuters Connect

Trading Downs might make sense from a long-term roster-building perspective, but it would leave Indianapolis with an even greater need at wide receiver.

Pierce's absence has already exposed the position's lack of depth, leaving Downs among the Colts' most established receiving options. Indianapolis has also traded Michael Pittman Jr. and AD Mitchell over the past year, further thinning its receiving corps. Moving Downs would put even more pressure on the remaining players and leave the franchise with substantial work to do at the position heading into 2027.

There is a longer-term cost to consider, too. Downs has demonstrated that he can be a productive NFL receiver, recording at least 58 receptions in each of his first three seasons. Although his recent production has declined, he is still young enough to remain a useful part of the offense well beyond this season.

That is what makes the decision so difficult. A trade could bring back draft capital and help the Colts avoid losing Downs for nothing, but it would also mean surrendering a proven player at a position that already requires significant investment. Indianapolis still has games to play in 2026, and removing another established pass catcher would make it harder to field a competitive offense for the remainder of the season.

Any offer would need to account for both sides of that equation. The Colts have reasons to consider a deal, but they should not create another roster problem simply to acquire additional draft picks.

Would Trading Downs Actually Be the Right Move?

Indianapolis Colts wide receiver Josh Downs (2) reacts Sunday, Oct. 18, 2026, after being tackled during the game against the Tennessee Titans at Lucas Oil Stadium in Indianapolis. | USA TODAY Network via Reuters Connect

Ultimately, the decision comes down to how Indianapolis evaluates Downs' long-term future and what another team would be willing to offer. His contract makes a trade worth considering, but his age and track record give the Colts a legitimate reason to retain him.

If Indianapolis believes Downs would be willing to sign an extension and remain part of the team's plans, keeping him makes sense. The receiver room already needs significant help, and trading away another established option would complicate the rebuilding process.

If the Colts instead believe an extension is unlikely, the calculus changes. With the deadline approaching, a reasonable offer could give Indianapolis an opportunity to recoup value rather than risk losing Downs in free agency. That possibility deserves consideration, particularly if the organization is preparing for a broader roster overhaul.

Still, the price matters. Downs has shown enough to warrant meaningful compensation, and moving him for a late-round pick simply to avoid losing him for nothing would be difficult to justify.

The Colts should explore the market without treating a trade as inevitable. If a team makes an offer that meaningfully advances Indianapolis' long-term plans, moving Downs could be the right decision. Otherwise, retaining a young, proven receiver may be more valuable than settling for a modest return.