The Pittsburgh Steelers have been linked to Indianapolis Colts wide receiver Josh Downs as the NFL trade deadline approaches, and a significant piece of information has finally emerged. Pittsburgh could use additional receiving help, particularly with injuries complicating its offensive plans. However, acquiring Downs would require convincing Indianapolis to part with a talented young player. ESPN insider Adam Schefter has now revealed exactly what the Colts are seeking in return.
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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 has become an intriguing name for Steelers fans because of his versatility and ability to create separation. He can operate from the slot, provide a dependable target underneath and give quarterback Aaron Rodgers another option when defenses focus on Pittsburgh's established weapons. Still, adding a receiver during the season comes with complications. A newcomer must learn the offense, develop chemistry with Rodgers and justify whatever draft capital Pittsburgh surrenders.
During Thursday's episode of his podcast with co-host Ty Schmit, Schefter explained the asking price Indianapolis has communicated to interested teams. He also made clear that the market has not yet responded favorably. That could be important for Pittsburgh as the deadline draws closer.
"Josh Downs, the Colts have told teams they're looking for third-round value," Schefter said. "Nobody's willing to do that right now."
That is the central obstacle in any potential deal. Indianapolis wants compensation equivalent to a third-round selection, while prospective buyers have apparently decided that price is too steep. Schefter did not specifically identify the Steelers as a team that rejected an offer. His report instead provides a broader look at the negotiations surrounding Downs and the gap between the Colts' expectations and the market.
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Pittsburgh Steelers linebacker Payton Wilson (41) breaks up a pass intended for Indianapolis Colts wide receiver Josh Downs (2) in the fourth quarter at Acrisure Stadium.
Schefter then pointed to two recent receiver trades to explain why Indianapolis could have difficulty securing its preferred return. His comparison raises an important question about how teams value Downs relative to other proven NFL contributors. It also gives Pittsburgh a practical reference point when considering whether to pursue him.
"And I think if you ask for third-round value, you look at last year," Schefter said. "Rashid Shaheed went for a four and a five from New Orleans to Seattle. Jakobi Meyers went from the Raiders to the Jaguars for a four and a six. Is Josh Downs as good as Rashid Shaheed or Jakobi Meyers?"
Those comparisons matter because a third-round pick can become an important building block for a franchise. Pittsburgh has invested in younger talent through the draft, and sacrificing a premium selection for a receiver nearing the end of his rookie contract would carry consequences beyond this season. Even if Downs helps immediately, the Steelers would still need to address his future contract situation.
Steelers Face Important Decision On Josh Downs Trade Price
Downs has also spoken publicly about the possibility of leaving Indianapolis. When asked about his future, he indicated that he was open to whatever happened rather than insisting he needed to remain with the Colts. Those comments do not establish a preference for Pittsburgh, but they suggest that a change of scenery would not necessarily be unwelcome.
There is another reason the Steelers should approach this situation carefully. Longtime Pittsburgh Post-Gazette insider Gerry Dulac recently expressed skepticism that the organization would add another receiver before the deadline. He pointed to the money already invested at the position and repeatedly suggested that a significant acquisition was unlikely. Schefter's latest reporting provides a potential explanation for why a trade could prove difficult, even for teams interested in Downs.
None of this means negotiations are over. Indianapolis could lower its demands, another club could increase its offer or Pittsburgh could decide that Downs represents an investment worth making. Schefter's report simply establishes where the asking price stands and why a deal has not materialized.
Should the Pittsburgh Steelers surrender third-round value for Josh Downs, or would that be too expensive for a midseason receiver addition? Share your thoughts with me on X at @anthonyghalkias.
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