Josh Downs Trade Grades: Chiefs, Colts Both Get Strong Review

Josh Downs #2 of the Indianapolis Colts makes a catch

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A Chiefs insider identifies Colts wide receiver Josh Downs as Kansas City's preferred trade deadline target, declaring it 'Josh Downs or bust' as the deadline nears.

It took the Indianapolis Colts nearly until the NFL trade deadline on Thursday.

But with less than half an hour to go, they made it happen. They’ve traded Josh Downs to the Kansas City Chiefs.

The Colts get rid of a player on an expiring contract who had requested a path out of town.

The Chiefs get Patrick Mahomes another talented target.

We’ve broken down the deal here with grades.

Josh Downs Trade Details

According to all the NFL insiders who reported this trade after 3:30 p.m. ET on Tuesday:

Colts get 4th-round pick, 5th-round pick
Chiefs get Josh Downs, 7th-round pick

That’s pretty close to the expected value.

Josh Downs Trade Grades

GettyINDIANAPOLIS, INDIANA – OCTOBER 18: Josh Downs #2 of the Indianapolis Colts catches a pass against Anthony Hill Jr. #53 of the Tennessee Titans during the fourth quarter of the game at Lucas Oil Stadium on October 18, 2026 in Indianapolis, Indiana. (Photo by Andy Lyons/Getty Images)

Indianapolis Colts: A-

The Colts apparently wanted a third-round pick for Downs, but that didn’t happen.

Getting a fourth-rounder and fifth-rounder is the next best possible outcome for Indy.

And the reason they get such a good grade is this: Indy had to move Downs.

They didn’t really have a choice. How could they hold onto a player on an expiring contract who would leave in the offseason for no return?

Downs was a trade candidate as soon as the Colts decided to rebuild, even before he requested a trade.

Now the deal is complete. The Colts got nearly what they were seeking, and they made sure to get value for a looming free agent. That’s all you could ask for.

Kansas City Chiefs: A

Kansas City Chiefs v Seattle Seahawks — GettySEATTLE, WASHINGTON – OCTOBER 25: Patrick Mahomes #15 of the Kansas City Chiefs reacts before a game against the Seattle Seahawks at Lumen Field on October 25, 2026 in Seattle, Washington. (Photo by Steph Chambers/Getty Images)

This is a win-win trade.

The Chiefs held out just a bit to not give the Colts the exact draft pick they wanted, but they still paid a decent price for a player who will be a free agent at the end of the year.

But for the Chiefs, this is about Patrick Mahomes. This is about a team that missed the playoffs last year trying to remind everyone just how good they can be.

The Chiefs have had injuries. Tyquan Thornton is out for the year. Rashee Rice has missed multiple weeks.

Mahomes, more than anything, just needed someone reliable. While Downs was a bit quiet in recent weeks, the chance for him to play for a contender should energize him. He’s a talented slot receiver. He and Mahomes should find some chemistry in a hurry.