Josh Downs Trade: Chiefs Land Colts WR for 4th, 5th-Round Picks

The Kansas City Chiefs finally got their receiver. In the Josh Downs trade, the Chiefs are acquiring the Indianapolis Colts wideout and a 2027 seventh-round pick in exchange for a 2027 fourth-rounder and a 2027 fifth-rounder, NFL Network's Ian Rapoport and ESPN's Adam Schefter reported Tuesday, Nov. 10, according to NFL.com.

It came together on deadline day, two days after another Chiefs receiver went down. The Associated Press called receiver Kansas City's biggest position of need, and the timing backs that up: Xavier Worthy hurt his hamstring in Sunday's win over the Jets.

Josh Downs trade details

As reported by NFL.com:

• Chiefs receive: WR Josh Downs and a 2027 seventh-round pick
• Colts receive: a 2027 fourth-round pick and a 2027 fifth-round pick

That's two Day 3 picks for a starting slot receiver. Indianapolis had been holding out for more. On Monday, NFL insider Charles Robinson reported the Colts were asking for a third-round pick, according to Marca, while Schefter said on Monday they already had an offer of at least a fourth. Pro Football Rumors compared the likely price to two 2025 deadline deals: Rashid Shaheed went for fourth- and fifth-round picks, and Jakobi Meyers for a fourth and a sixth. The final number landed right in that range.

The Commanders and Steelers were also believed to be interested, according to the same report.

Why the Chiefs needed a wide receiver

Kansas City is winning, but the receiver room has been held together with tape. The Chiefs are 6-2, per Bleacher Report, and Kenneth Walker III and the run game have carried a lot of the offense.

Here's what happened to the top of the depth chart, according to Arrowhead Addict:

• Rashee Rice came back from offseason knee surgery, then missed early games with a hamstring injury. He has since returned.
• Tyquan Thornton dislocated an ankle in Week 4 against the Raiders and could miss the rest of the year.
• Xavier Worthy is day-to-day after the hamstring injury against the Jets.

Losing Thornton took away the Chiefs' deep threat. Downs doesn't replace that. At 5-foot-9 and 171 pounds, he's a quick slot receiver who gets open early in routes. For Patrick Mahomes, that means a reliable target on third down when Travis Kelce is covered. Kelce, Rice and Worthy (once he's healthy) give Downs a lot of company. He won't have to be the No. 1 option.

Josh Downs vs. the Chiefs earlier this season

Kansas City has already seen what he can do. In Week 2, Downs caught seven passes for 72 yards against the Chiefs' defense, Marca noted.

Josh Downs stats, year by year

Downs has been productive for four seasons in an Indianapolis offense that has rarely had stable quarterback play. From his career page on Colts.com:

His 68 catches in 2023 are the most by a rookie in Colts history, according to the team. In 2024 he passed Marvin Harrison for the most receptions by a Colts player in his first two seasons.

This year's numbers are down, but context matters. With Alec Pierce out with a heel injury for most of the season, defenses have paid Downs extra attention in the slot, Bleacher Report wrote.

Josh Downs contract: a cheap rental

Money made this easy for Kansas City. Downs is in the last year of a four-year, $5.52 million rookie contract, per Spotrac. His 2026 cap hit is about $4.19 million, and he's on track to become an unrestricted free agent in 2027.

So the Chiefs are on the hook only for what's left of this season. If Downs fits, they can try to re-sign him. Spotrac projects a four-year deal worth about $15.3 million a year on the open market, Arrowhead Addict reported. If he doesn't fit, Kansas City walks away having spent two late picks. The Chiefs still have a projected nine picks in the 2027 draft, including four in the first three rounds, according to the same report.

Why the Colts traded Josh Downs

Two reasons: he wanted out, and Indianapolis is selling.

Downs' trade request was first reported on Oct. 28, according to NFL.com. ESPN's Jeremy Fowler reported he asked before Week 8, per Bleacher Report. No public reason has been confirmed by Downs or the team, so we're not going to guess at one.

The bigger picture is a teardown. The Colts fired general manager Chris Ballard after a 2-4 start, then traded guard Quenton Nelson and defensive tackle DeForest Buckner. Earlier Tuesday they also sent Keenan Allen to San Francisco for a sixth-round pick, which we covered in our Keenan Allen trade story. With Downs gone too, Indianapolis has now moved its two most productive pass catchers on the same afternoon.

The Colts reportedly turned down offers for running back Jonathan Taylor and quarterback Daniel Jones, Bleacher Report said, which leaves an awkward question for whoever runs the team next: rebuild around Taylor and Jones, or start over in 2027.

What it means for Kansas City

This isn't the big swing some fans wanted. Jacksonville's Brian Thomas Jr. had been floated as a higher-ceiling target, but the Jaguars appeared reluctant to send him to an AFC rival, Pro Football Rumors reported. Downs is the steadier, cheaper option.

For a team that dropped two of three games after Thornton got hurt, as Arrowhead Addict pointed out, steady may be enough. Mahomes has spent much of this season throwing to running backs and tight ends. One more receiver who reliably gets open could change how defenses line up against the Chiefs, and that's worth more in January than a fifth-round pick in April. If you're wondering how this offense looked at its low point, our breakdown of the Chiefs' loss to Seattle is a good reminder of what Kansas City was missing.

Downs could make his Chiefs debut as soon as their next game, depending on how fast he picks up the playbook.