The Pittsburgh Steelers have reportedly been looking to the Indianapolis Colts for wide receiver help in Josh Downs, but his price tag could complicate a deal before the NFL trade deadline.
Pittsburgh has won three straight games behind Aaron Rodgers, yet injuries have left its receiving corps shorthanded. The Colts have already traded away two veterans, and another has asked out. Now, there’s a new update about what Indianapolis wants in return.
Steelers Learn Josh Downs Trade Price From Adam Schefter
As Steelers Depot’s Alex Kozora relayed on Thursday, ESPN’s Adam Schefter reported that the Colts are seeking third-round draft value for receiver Josh Downs during his podcast with Ty Schmit.
Schefter said Indianapolis has not found a team willing to meet that valuation.
“Josh Downs, the Colts have told teams they’re looking for third round value,” Schefter said. “Nobody’s willing to do that right now.”
The price is especially relevant for Pittsburgh. NFL insider Jordan Schultz reported Wednesday that the Steelers were among several AFC teams to inquire about Downs. Schultz also said a trade was not considered likely this week, although there was an expectation that the receiver would eventually be moved.
Schefter compared Indianapolis’ demand with last year’s deals for Rashid Shaheed and Jakobi Meyers. Seattle acquired Shaheed from New Orleans for fourth- and fifth-round selections, while Jacksonville sent fourth- and sixth-round picks to Las Vegas for Meyers.
Neither deal required a third-round pick. Schefter questioned whether Downs would command more than those receivers and said there was still a reasonable chance he would be dealt before the deadline.
Downs requested a trade Wednesday, according to ESPN’s Jeremy Fowler. That followed Indianapolis sending guard Quenton Nelson to Seattle and defensive tackle DeForest Buckner to San Francisco, collecting future selections in both deals.
Josh Downs Trade Cost Creates Decision for Steelers
Pittsburgh’s need for another receiver isn’t difficult to see. Michael Pittman Jr. has been on injured reserve since Oct. 10 because of a foot injury, and Roman Wilson joined him on Oct. 17 with a finger injury. Ben Skowronek also missed the last two games with a calf problem.
DK Metcalf and rookie Germie Bernard have taken on bigger roles while the Steelers try to keep the offense moving. Pittsburgh signed Marquez Valdes-Scantling to its practice squad last week, but the reported interest in Downs suggests the team has explored other options.
Downs, 25, has caught 26 passes for 307 yards without a touchdown through seven games this season. His best year came in 2024, when he recorded 72 catches for 803 yards and five scores. He has 224 receptions for 2,447 yards and 11 touchdowns across 54 career games.
The former third-round pick is also in the final season of his rookie contract. Any team acquiring him would need to decide whether to pursue an extension or risk losing him in free agency.
Pittsburgh has dealt with Indianapolis before, acquiring Pittman in an offseason trade. But a third-round valuation for Downs presents a different decision for general manager Omar Khan, especially when the Steelers could get injured receivers back later this season.
The reported Pittsburgh trade interest has already put the Steelers in the conversation. With the Nov. 10 deadline approaching, Schefter’s update makes clear why a move has yet to happen.
Steelers Get Steep Colts Asking Price for Josh Downs From ESPN Insider