The Pittsburgh Steelers have been connected to Indianapolis Colts wide receiver Josh Downs recently, but their interest may have moved beyond speculation. Pittsburgh reportedly has made an offer, and another AFC contender is involved. The approaching deadline creates a decision for general manager Omar Khan. The latest information also suggests the cost of acquiring Downs could be dropping.
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Indianapolis Colts wide receiver Josh Downs (2) runs with the ball after a catch against the Houston Texans in the first half of a game at Lucas Oil Stadium.
NFL reporter Evan Sidery reported Thursday that both Pittsburgh and the Kansas City Chiefs have offered Indianapolis Day 3 draft compensation for Downs. That matters for a Steelers team whose receiving depth remains a concern. It introduces AFC competition. Neither team has confirmed an agreement.
The report arrives shortly after ESPN's Adam Schefter outlined the Colts' original demands. Indianapolis reportedly wanted third-round value, a price that interested teams had not been willing to meet. Sidery's latest update suggests the market could be moving toward a considerably different outcome.
"The Chiefs and Steelers have both offered Day 3 draft compensation to the Colts for Josh Downs," Sidery reported.
Sidery added that a deal is expected after this weekend and that Indianapolis will likely receive a fourth- or fifth-round selection after initially seeking a third. Those are expectations, not a completed transaction. The possible price drop makes Pittsburgh's involvement interesting.
For Khan, that distinction could change the conversation. Spending a third-round pick on a receiver approaching the end of his rookie contract requires a different level of commitment than surrendering a selection in the fourth or fifth round. Pittsburgh must balance immediate help for Aaron Rodgers against the long-term value of retaining draft choices. The lower the acquisition cost, the easier it becomes to justify exploring the opportunity.
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Indianapolis Colts wide receiver Josh Downs (2) reacts Sunday, Oct. 18, 2026, after being tackled during the game against the Tennessee Titans at Lucas Oil Stadium in Indianapolis.
Downs would also bring a different element to the Steelers' passing game. His quickness and ability to work underneath could complement the team's other receivers rather than simply duplicate their roles. Rodgers values timing and dependable route running, two qualities that make a slot receiver worth considering. Of course, a midseason addition would still need time to learn Mike McCarthy's system and build trust with his quarterback.
Steelers Face Fascinating Competition For Josh Downs
Kansas City's reported involvement is an important part of the story. The Chiefs and Steelers are not merely watching Indianapolis decide whether to trade Downs. According to Sidery, both have already put compensation on the table. That does not establish which offer Indianapolis prefers, or whether either team will increase its bid.
It also creates an intriguing contrast with recent comments from Pittsburgh Post-Gazette insider Gerry Dulac. During his October 28 chat, Dulac repeatedly expressed skepticism that the Steelers would acquire another receiver. He pointed to their existing financial investment at the position and suggested a major move was unlikely. Sidery's report, if accurate, indicates Pittsburgh is at least willing to discuss a deal at a price it considers reasonable.
Those positions are not necessarily impossible to reconcile. A team can submit a modest offer without intending to enter an aggressive bidding war. Khan could be testing Indianapolis' willingness to move Downs rather than treating him as a player Pittsburgh must acquire. That distinction matters when interpreting trade rumors in the final days before a deadline.
Downs himself has sounded open to whatever comes next. When asked about the possibility of being traded, the Colts receiver did not insist he needed to stay in Indianapolis. His public comments leave room for a change of scenery, although he has not identified Pittsburgh as his preferred destination.
The Steelers should not feel obligated to outbid Kansas City simply because the Chiefs are interested. A disciplined offer can be worthwhile even if another team ultimately wins the negotiation. Pittsburgh has to decide what Downs is worth to its offense, not what another contender is willing to spend.
Should the Pittsburgh Steelers increase their offer for Josh Downs, or hold firm and protect their draft picks? Share your thoughts with me on X at @anthonyghalkias.
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