Indianapolis Colts wide receiver Josh Downs has asked for a trade, and with the NFL trade deadline arriving Tuesday, Nov. 10 at 4 p.m. ET, the Kansas City Chiefs and Pittsburgh Steelers are the two teams most often linked to the 25-year-old slot receiver. Both clubs have reportedly sent Day 3 draft offers to Indianapolis, which has been reported as seeking a third-round pick in return.
The request became public last Wednesday, one day after the Colts traded All-Pro guard Quenton Nelson to Seattle and All-Pro defensive tackle DeForest Buckner to San Francisco. Indianapolis fired general manager Chris Ballard on Oct. 19, and the roster has been in sell mode since. Downs is in the final year of his rookie contract and is set to hit free agency after the season.
Why the Chiefs and Steelers Fit Downs
Downs was a third-round pick in 2023 and has 224 catches for 2,447 yards and 11 touchdowns in 54 career games. This season has been a grind: 26 receptions for 307 yards through eight games, with defenses rolling coverage his way while Alec Pierce has been sidelined and the offense around him has sputtered.
Sunday showed the problem. Downs caught a 6-yard touchdown from Daniel Jones but finished with 23 receiving yards as the Colts lost 42-7 at Jacksonville and fell to 2-6, their fourth straight defeat. Coach Shane Steichen confirmed Downs would play despite the request, and Indianapolis hosts Dallas on Sunday, Nov. 8, giving any suitor one more look before the deadline.
Kansas City’s need is easy to see. The Chiefs are 5-2 after a 28-24 loss to Denver, and injuries to Rashee Rice and Tyquan Thornton, who is out for the year, have thinned Patrick Mahomes’ options. Andy Reid said general manager Brett Veach has been sharing trade ideas with the coaching staff for about a month, and one report said the Chiefs would prefer a long-term piece over a rental. Jacksonville’s Brian Thomas Jr. has also surfaced in Kansas City conversations.
Pittsburgh is a different kind of buyer. The Steelers have leaned on rookie Germie Bernard alongside DK Metcalf, but injuries to Roman Wilson and Michael Pittman Jr. have stretched their depth. A short-area separator who can beat man coverage would give Aaron Rodgers a dependable option, and a team with a win-now window is less likely to be scared off by an expiring deal.
What the Betting Market Says About a Downs Trade
The odds show why both teams are motivated. Kansas City is priced around +575 to win the AFC, down from +750 at the open, but the loss to Denver put the 6-2 Broncos in front in the division market. One AFC West winner board lists Denver at -125 and Kansas City at +115, so the Chiefs are chasing a division they have long owned. A receiver upgrade is one of the few levers they can still pull before the deadline.
Pittsburgh has been moving the other way from Indianapolis. The Steelers opened at +3000 to win the AFC and now sit near +1600, and the same market has them at +225 to win the AFC North behind Cincinnati at -165. A tight race like that is where one additional pass catcher can matter. No single trade is likely to swing a futures price on its own, but books do adjust when a move addresses a visible weakness.
The prop market is where Downs’s own slide is clearest. His receiving yards closing lines have dropped from 70.5 at Washington on Oct. 4 to 50.5 at Minnesota on Oct. 25, then 30.5 at Jacksonville on Nov. 1, and he finished under in each of the last five. For the Cowboys game, major Downs props had not been posted at last check, so any early number will show how oddsmakers read his role amid the trade noise.
A move would reset those lines. In Kansas City, Downs would catch passes from Mahomes but compete with Rice and Xavier Worthy for volume. In Pittsburgh, his ceiling depends on how quickly Rodgers trusts him in the slot. Expect a new team’s early prop numbers to start conservatively until his snap share is clear.
What to Watch Before Tuesday
Reporting has pointed toward a fourth- or fifth-round return, down from the third-round ask, and one outlet does not expect Kansas City to move before this weekend, though a deal early next week remains possible. A last-minute Colts extension would be the main twist, but there is no reporting that either side is pursuing one.
Bettors tracking the market should watch whether the Chiefs’ and Steelers’ futures shift after a Downs deal, whether a Dallas-Indianapolis receiving prop is posted for him, and where the AFC West and AFC North division prices stand after this weekend’s games. All odds cited are snapshots and can change at any time.
