The Indianapolis Colts have officially moved on from Josh Downs, sending the 25-year-old wide receiver to the Kansas City Chiefs in exchange for a pair of 2027 draft picks.

Indianapolis will receive a fourth-round pick and a fifth-round pick, sending Downs and a seventh-round pick back to Kansas City.

Trade terms: 4 and 5 for Downs and a 7, per source. https://t.co/vC2Yc7mzlE

— Adam Schefter (@AdamSchefter) November 10, 2026

It's a strong return for a player who had requested a trade, was approaching the end of his rookie contract, and clearly wanted out of Indianapolis. More importantly, the Colts managed to improve upon the compensation that had initially been circulating around the league.

Here's an instant look at the deal and what it means for Indianapolis moving forward.

Colts Get More Than Expected for Downs

The Colts initially placed a third-round valuation on Downs, but reports throughout the past few weeks suggested that interested teams were willing to give up a fourth-round pick at a maximum. Reports indicated that the Colts had a fourth-round pick offer on the table from the Chiefs a week ago.

But rather than immediately accepting that proposal, Indianapolis allowed the market to develop and ultimately secured an additional fifth-round selection, sending a seventh-rounder back for Kansas City to take on Downs' remaining contract.

Downs was unlikely to sign an extension with the Colts in the offseason, so turning him into usable assets for the future was a necessary move to make. 

Downs was selected in the third round of the 2023 NFL Draft and established himself as a productive slot receiver during his first few seasons. He recorded 72 receptions for 803 yards and five touchdowns in 2024, demonstrating the ability to become a reliable underneath option in the Colts' passing attack.

However, his production has declined since then. Downs finished his Indianapolis tenure with 33 receptions for 354 yards and one touchdown through nine games in 2026.

There were also growing concerns about Downs' commitment to a struggling team. Since requesting a trade, Downs appeared increasingly apathetic towards the situation in Indianapolis, making a separation the only logical course of action for both sides.

The Colts ultimately turned a disgruntled receiver in the final year of his rookie contract into two draft selections. Getting an additional Day 3 pick on top of the reported fourth-round market is a win for Dodds and the Indianapolis front office.

The only real downside is what Indianapolis is left with at wide receiver. After moving on from Downs and Keenan Allen on deadline day, the Colts have likely the ugliest receiving corps in the NFL. Alec Pierce remains the most established option, but he's been on injured reserve for the majority of the season. After him, there's no remaining proven talent.

Still, that's a relatively minor concern given the direction of the organization. Indianapolis has bigger priorities than maintaining a competitive receiving room for the remainder of a lost season, and the draft capital acquired in these transactions gives the franchise additional resources to address those needs.

The Colts ultimately turned a disgruntled receiver in the final year of his rookie contract into two draft selections. Getting an additional Day 3 pick on top of the reported fourth-round market is a win for Dodds and the Indianapolis front office.

The only real downside is what Indianapolis is left with at wide receiver. After moving on from Downs and Keenan Allen on deadline day, the Colts have likely the ugliest receiving corps in the NFL. Alec Pierce remains the most established option, but he's been on injured reserve for the majority of the season. After him, there's no remaining proven talent.

Still, that's a relatively minor concern given the direction of the organization. Indianapolis has bigger priorities than maintaining a competitive receiving room for the remainder of a lost season, and the draft capital acquired in these transactions gives the franchise additional resources to address those needs.

Final Grade: A

The Colts couldn't have asked for a much better outcome given the circumstances surrounding Downs' departure.

They secured two draft picks for a receiver who was in the final year of his rookie contract, had requested a trade and had struggled to produce consistently during a difficult season. Indianapolis also appears to have benefited from allowing the trade market to develop rather than settling for the initial fourth-round price tag.

The return is strong, the timing makes sense and the organization can now move forward without another lingering distraction. I'm docking a letter grade solely due to the messy state of the current WR room, but again, that's nothing to stress about in the bigger picture.

In the end, the Colts turned a difficult situation into a productive transaction---exactly what they needed to do at the deadline.