No Chiefs receiver had reached 300 receiving yards through eight games, and Kansas City finally did something about it. The Josh Downs trade cost them only pocket change. Minutes before Tuesday’s 4 p.m. ET deadline, the Chiefs landed Colts wide receiver Josh Downs and a 2027 seventh-round pick for a fourth-round and a fifth-round pick in 2027, CBS Sports reports.
Here’s what it means for NFL fans: Mahomes has someone to throw to, and Indianapolis just kept selling.
How the Chiefs Pulled Off the Downs Deal
The deal landed with a little over 20 minutes left on the clock, Sports Illustrated reports. (Nothing says a well-planned roster like a photo finish.)
The price tells the story. Before the deadline, the Colts reportedly wanted a third-round pick, and a fourth was the going rate. Kansas City paid a fourth plus a fifth, then got a seventh back.
That is Day 3 draft money for a fourth-year slot receiver who produced 803 yards in 2024.
Why Kansas City Needed Downs So Badly
Downs should line up next to Rice and give Travis Kelce and Kenneth Walker III more room to work. That is the clearest payoff for Chiefs fans, and it explains the urgency.
The numbers were ugly. Through eight games, no Chiefs receiver had reached 300 receiving yards. Tyquan Thornton suffered a season-ending injury. Xavier Worthy hurt his hamstring in Week 9. Rashee Rice, the team’s leading receiver, had just 292 yards through six games.
Meanwhile, about 65% of Mahomes’ 2,037 passing yards went to Thornton, running backs or tight ends, Yahoo Sports reports. Even a quarterback with magic hands can only do so much when nobody on the outside can get open. With Mahomes as the franchise centerpiece, the front office has every reason to surround him with help. You don’t buy the Ferrari and then skip the tires.
Downs has 33 catches for 354 yards and a touchdown on 56 targets this season. Those numbers won’t make anyone’s fantasy lineup jump. Still, he is a proven slot target who caught seven passes for 72 yards against Kansas City back in Week 2.
It also fits a pattern. General manager Brett Veach has now made a deadline receiver trade four years running: Toney in 2022, Hardman in 2023, Hopkins in 2024 and Downs now.
The Colts Keep Selling, With a Catch
For Indianapolis, the Chiefs Colts trade was the fourth sell-off deal of the season. The Colts also sent guard Quenton Nelson to Seattle and defensive tackle DeForest Buckner to San Francisco. Receiver Keenan Allen went to San Francisco on deadline day too, though the compensation isn’t clear yet.
Downs requested a trade at the end of October, right after the Buckner and Nelson deals. Coach Shane Steichen talked him into playing two more games before Indianapolis gave in, NFL.com says.
Here’s the thing the headlines miss: the Colts did not tear it all down. They kept running back Jonathan Taylor, who is signed through 2028, despite multiple offers reportedly built around a second-round pick. They also kept quarterback Daniel Jones. Indianapolis is stockpiling 2027 picks while holding its core.
Critics, though, say the Colts got little draft capital for a lot of talent and now have one of the league’s thinnest receiver rooms. Other teams made similar deadline moves, such as the Vikings’ push to trade for Kirk Cousins.
What Happens Next After the Josh Downs Trade
The trade window is now closed for 2026. Teams can still sign free agents and claim players on waivers, but no more trades. Yahoo’s Chiefs Wire has Downs possibly making his debut in Week 10 against Atlanta, though his status isn’t confirmed.
Downs is also on an expiring rookie deal, so he is a rental for now. By early 2027 the Chiefs must decide whether to re-sign him, and that price climbs fast if he clicks with Mahomes. The move also matters for the bigger picture, since the AFC’s top seed is a four-team brawl.
Kansas City got its receiver for a couple of late-round picks. If Downs plays like he did in 2024, that is a steal.
