With the NFL trade deadline rapidly approaching, the Pittsburgh Steelers could look to make a splash. The latest rumors suggest the Steelers have their eyes on a receiver, and early reports noted that general manager Omar Khan called the Indianapolis Colts to ask about wide receiver Josh Downs.
ESPN's Adam Schefter reports that the Colts have been offered at least a fourth-round pick, but they've been holding out hope for a third-rounder. Downs is halfway through the final year of his rookie contract and is set to become a free agent during the 2027 offseason.
But the shifty wideout may have quietly done the Steelers a solid right before the trade deadline.
Josh Downs is coming off (another) disappointing performance
Downs drew what was expected to be a favorable matchup in Week 9 against the Dallas Cowboys. The Cowboys have one of the league's worst pass defenses and were without top cornerback Joey Porter Jr.
But despite the matchup, Downs disappointed. The undersized receiver caught just three passes on six targets for a mere 24 yards (4.0 yards per target). He also failed to come down with a contested catch that stopped the clock and gave the Cowboys plenty of time to score late in the fourth quarter.
This performance from Downs came after a pair of unspectacular showings in back-to-back games. Over his previous three contests, Downs has combined to earn just nine receptions on 15 targets for 65 yards (4.3 yards per target).
Downs' struggles could be cause for concern for a team potentially trading for him, but they could drive the price tag down in a potential deal before the NFL trade deadline.
Downs' recent quiet performances with the Colts could drive the trade price down for the Steelers
At this rate, it feels highly unlikely that the Colts will wind up with the third-rounder they were seeking in a Downs trade. However, because they were already reportedly offered at least a fourth-round pick, this will be the price the Steelers have to beat. They might not have to go above and beyond.
But here's where things start to get sticky: the Steelers don't have a fourth-round pick in the 2027 NFL Draft.
Because of this, Khan may have to get creative. Perhaps he could offer the team's fourth-rounder in 2028, plus a late Day 3 pick in the 2027 draft to sweeten the deal. The Steelers have two sixth-round picks and a pair of seventh-round picks in April's draft.
If that doesn't work for the Colts, or if they'd rather trade with a team that has a fourth-round pick this year, Khan could go as far as to offer one of their third-round picks this year (likely their original pick) for Downs and a fifth-rounder. Of course, there's always a chance the Colts would be willing to take a player in return, like Roman Wilson, which could drive the draft capital down for Pittsburgh.
There could be other teams in the mix for the Josh Downs sweepstakes before the deadline, but the Colts' wide receiver certainly hasn't done anything on the football field in recent weeks that is going to drive his trade price up... and that could work out in the Steelers' favor.
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