Everyone got what they wanted in the Josh Downs trade. Downs, who demanded a trade earlier this season, got his wish just before the 2026 NFL trade deadline buzzer Tuesday afternoon. The Indianapolis Colts sent him, along with a 2027 seventh-round pick (via the Buffalo Bills), to the Kansas City Chiefs in exchange for a 2027 fourth-round pick and a 2027 fifth-round pick. 

Downs now goes from catching passes from Daniel Jones, whose 82.3 passer rating ranks 34th out of 35 qualified quarterbacks this season, to catching passes from Patrick Mahomes, a three-time Super Bowl MVP. That's why he tweeted the gif of Vince Carter expressing gratitude in reaction to the news that he is now a Chief.

He quickly followed up that post by tweeting, "I am beyond grateful and blessed for my time in Indy. Nothing but love for the [horse] Shoe."

So how did the Colts and Chiefs make out in this trade deadline deal? Here is a look at the grade for each squad.

Kansas City Chiefs: B+

The Chiefs (6-2) are always in win-now mode, with Mahomes (31 years old), tight end Travis Kelce (37), defensive tackle Chris Jones (32), defensive coordinator Steve Spagnuolo (66) and head coach Andy Reid (68) getting up there in age. Kelce, Rashee Rice, who is coming back from an offseason knee surgery, and former first-round pick Xavier Worthy haven't been getting the job done.

Kansas City is averaging 117.5 receiving yards per game by wide receivers this season, which is the fewest of the Mahomes era (since 2018) and ranks 28th in the NFL this season. That's why the Chiefs went out and traded for Downs. 

The 25-year-old Downs has been a weapon out of the slot since entering the league as a third-round pick in 2023: His 1,995 yards receiving out of the slot are the second most in the entire NFL in the span of his career, trailing only Detroit Lions All-Pro wide receiver Amon-Ra St. Brown (2,160). 

* Downs was drafted in the third round of the 2023 NFL Draft

Sure, Downs is a rental playing out the final year of his rookie contract in 2026, but Kansas City was desperate. Plus, if Downs builds a nice rapport with Mahomes, this deal could lead to a second contract come the 2027 offseason. It's also a huge win that the Chiefs didn't have to part with any Day 2 draft capital. 

Indianapolis Colts: A

Downs requested a trade, and he is playing out the final year of his rookie contract. There was no chance he would be open to re-signing with Indianapolis in the 2027 offseason, especially with the Colts set to dive headfirst into a rebuild with a new general manager. The Colts did well to get multiple early Day 3 draft picks for a disgruntled player who already had one foot out the door.