Steelers' Josh Downs Pursuit Comes With A Price Beyond The Trade

The Pittsburgh Steelers could fix part of their receiving shortage with one phone call, at least in theory. The trouble is what happens after the call ends. A player who looks affordable in October can create a much larger bill in March, and the Steelers have already made some expensive decisions at the position. One Pittsburgh analyst thinks the excitement around a potential trade is obscuring a question the front office cannot afford to skip.

Christopher Carter isn't convinced General Manager Omar Khan should surrender meaningful draft capital for Josh Downs, even with the Indianapolis Colts receiver reportedly requesting a trade. Carter sees a potential fit for Pittsburgh's passing attack, but a steep acquisition price would compound the money already committed to the team's current starters. The November 10 deadline adds urgency, not a reason to ignore the math.

The need is obvious. Michael Pittman Jr. and Roman Wilson remain on injured reserve, leaving DK Metcalf and rookie Germie Bernard carrying more of the work. Downs would offer another quick separator from the slot, particularly against man coverage. Nobody needs to invent a football argument for why Pittsburgh would consider him. The disagreement is over what that improvement should cost.

During a recent appearance, Carter drew a line between a modest deal and the sort of trade that could leave Pittsburgh paying twice.

“I don't think so. I think particularly because, like, one thing people forget here when they look at the Steelers and their overall plans -- Now, maybe if Josh Downs, if you can get him for a fifth or a sixth, okay, fine -- But I just think that when you look at the Steelers' situation, they have a lot of guaranteed money tied up in DK Metcalf. They have a lot of guaranteed money tied up in Michael Pittman Jr.” Carter said.

The contracts explain his hesitation. Metcalf signed a four-year, $132 million extension in 2025 that included $60 million fully guaranteed at signing. Pittman arrived from Indianapolis in March and has a three-year, approximately $59 million arrangement with $24 million guaranteed. Those aren't identical commitments; Pittman's deal has more flexibility beyond this year. However, Pittsburgh already devoted considerable money to veteran receivers before looking for another one.

Downs, meanwhile, is finishing the four-year rookie contract he signed after being drafted in 2023. He can become an unrestricted free agent after this season. That makes the initial salary relatively manageable but changes the calculation for anyone hoping to keep him beyond January. The price on the trade paperwork is only the first number in the conversation.

Carter made that distinction explicit when discussing the danger of spending valuable picks on a player who might soon require another significant commitment.

“I wouldn't trade away these valuable draft picks for a guy like Josh Downs, who, if you trade for him, you'd have to pay him the year after. And I think the payday for him would be more guaranteed money tied up in a receiver position that they need to get more guys on rookie contracts in,” Carter said.

There's an important qualification: acquiring Downs would not legally force Khan to extend him. Pittsburgh could use him for the stretch run and let him leave in free agency. But spending an early selection for a short rental comes with its own sting, especially when the next draft could supply a receiver on an inexpensive four-year deal. Carter's objection is to the combined opportunity cost, not some unavoidable contract clause.

The market isn't purely hypothetical, either. Downs reportedly requested a trade as Indianapolis began moving veterans. ESPN's Adam Schefter said the Colts were asking for third-round value, while subsequent reporting linked Pittsburgh and the Kansas City Chiefs to lower, Day 3 offers. The sides have not announced a deal. Pittsburgh's reported asking-price dilemma illustrates why a fifth-round conversation and a third-round conversation are entirely different propositions.

Downs has earned legitimate interest. The 25-year-old has 26 receptions for 307 yards through seven games, and he caught 72 passes for 803 yards in 2024. His short-area quickness could give Aaron Rodgers a more reliable answer when coverage leans toward Metcalf. Pittsburgh would be acquiring an actual NFL contributor, not drawing names out of a hat.

There is another wrinkle. Pittsburgh traded with the Colts during April's draft to move up and select Bernard at No. 47 overall. The rookie is already helping the offense, demonstrating the exact benefit of finding a useful pass-catcher on a controlled contract. It would be strange to recognize that value in April and forget it the moment an established veteran becomes available in October.

Steelers Shouldn't Let Receiver Desperation Set The Price

Carter is right about the third-round threshold. Pittsburgh needs help, but surrendering a valuable selection for an expiring deal while already paying two veterans would be an aggressive gamble for a 5-2 team that still has other long-term decisions ahead. A fifth- or sixth-round pick? That's worth a serious discussion. A third-rounder plus the expectation of a new contract is considerably harder to defend.

The counterargument deserves respect. Rodgers is 42 and playing on a one-year deal. A postseason opportunity today isn't automatically replaceable by another one next season, and Downs could solve a real problem over the second half. Draft picks are valuable, but they're not points on the scoreboard.

Still, Khan shouldn't confuse urgency with permission to overpay. The Steelers can use another receiver without making an expensive addition the only acceptable outcome. Carter's warning is about building a group capable of helping both this quarterback and whoever follows him. Pittsburgh has to decide whether a few months of Downs are worth giving up part of that future.

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