The Indianapolis Colts will likely be quite motivated to trade Josh Downs by the 2026 NFL trading deadline, which is Tuesday, Nov. 10.
Downs is in the final year of his contract, meaning he’ll be a free agent at the end of the season, and the slot receiver has also requested a trade.
At this point, it’d be a total surprise if the Colts kept Downs.
For now, it appears that he will be playing on Sunday, but that could still change. Negotiations are fluid situations that can change quickly.
Something new emerged about Downs on Thursday, though, that could make all of this more fascinating.
There’s a chance that a Downs trade stops a Brian Thomas Jr. trade from happening for the Jacksonville Jaguars.
They don’t have the same skillset, but there are only so many teams in need of a pass-catcher, and if the Colts and Jags hold out for strong prices, it’s not a given that both get moved — particularly Thomas, who is under contract beyond this season.
Colts’ Josh Downs Trade Rumor
The latest Downs trade analysis comes from The Athletic, which had its beat writers engage in mock trade negotiations.
Their article set it up that the writers would be discussing Thomas with the Jags, but the conversation then shifted into Downs instead.
This is how The Athletic’s Daniel Popper summed it up:
The Jaguars are contenders at 5-2, and as such, they were not overly motivated to deal Thomas, a 2024 first-round pick. Thomas’ role has diminished behind Parker Washington, Jakobi Myers and Josh Cameron, though he did catch a touchdown against the Colts in Week 8.
The Jaguars still listened. The Rams, Steelers and Chiefs were all interested in Thomas. However, all three teams asked about the availability of Downs, which shifted the negotiations to the Colts.
The Rams and Chiefs both offered 2027 fourth-round picks for Downs. The Steelers, meanwhile, were highly motivated to get a deal done for Downs. They offered a 2027 third-round pick in exchange for Downs and a Colts’ 2028 fifth-round pick.
The Rams and Chiefs both did not want to offer more than a fourth.
The Colts accepted the Steelers’ offer.
The final deal was Downs and a fifth-round pick to the Steelers for a third-round pick.
What About BTJ?
Thomas, who was a star as a rookie for the Colts’ division rival but has fallen off over the past two seasons, is likely going to come at a price premium, simply because he is under contract beyond this season.
The Jaguars, wanting to compete for a Super Bowl, have no reason to trade current talent for a draft pick unless the haul is significant.
Based on how The Athletic spells out all the negotiations above, there’s a decent chance that the Jags don’t get an offer they like enough for Thomas.
Colts’ Josh Downs Trade Rumor Impacts Brian Thomas Jr.