Colts’ Josh Downs Trade Talks Take Notable Turn on Deadline Day

Indianapolis is still holding out for more than a fourth-round pick, and one AFC contender has reportedly moved to the front of the line for the slot receiver.

by Neal Coolong

Nov 10, 2026

Indianapolis is still holding out for more than a fourth-round pick, and one AFC contender has reportedly moved to the front of the line for the slot receiver.

Travis Register-Imagn Images

The Kansas City Chiefs have emerged as the frontrunner to land Josh Downs from the Indianapolis Colts. Multiple league sources told Charles Robinson that the Chiefs were “the leader” for the receiver as of Monday afternoon, and that the holdup has been compensation.

Indianapolis wants a third-round pick, per Robinson. The Colts have told other teams they already have an offer of a fourth-rounder for Downs, according to ESPN, which means anyone who wants him has to beat it. The trade deadline is 3 p.m. CT Tuesday.

Kansas City has been circling for a week

The Chiefs’ interest isn’t new. ESPN’s Dan Graziano reported last Wednesday that Downs drew interest from Kansas City and the Pittsburgh Steelers, and SI’s Albert Breer wrote Friday that the Chiefs had turned to Downs after Jacksonville proved less willing to sell on Brian Thomas Jr.

ESPN’s Adam Schefter said on “The Pat McAfee Show” that he didn’t know why the Colts wouldn’t move him at this point. Downs requested a trade in late October, is 25 and is in the final year of his rookie contract.

Oct 18, 2026; Indianapolis, Indiana, USA; Indianapolis Colts wide receiver Josh Downs (2) catches the ball against Tennessee Titans linebacker Anthony Hill Jr. (53) during the second half at Lucas Oil Stadium. Mandatory Credit: Trevor Ruszkowski-Imagn Images

By our count, Downs has 13 catches for 105 yards over the Colts’ last four games, after posting 20 catches for 249 yards in his first five. He has 33 catches for 354 yards and one touchdown on 56 targets this season, according to ESPN.

That dip hasn’t helped the Colts’ asking price. Neither did Sunday’s loss to the Dallas Cowboys, when Downs dropped two passes and said he was “open to whatever” on his future. With the Colts also weighing offers for Jonathan Taylor, Indianapolis has a few hours to decide whether a third-round pick is worth holding out for.