Colts letting Josh Downs lineup out wide, in slot

Taylor, 27, has totaled more than 320 offensive touches in each of the last two seasons. His current $14 million annual salary makes him the seventh-highest-paid running back in the league. Taylor has set multiple Colts records, operating as the centerpiece of Indianapolis’ offense for years. FOX 59’s Mike Chappell writes that it is “uncertain whether there’s a mutual desire to keep Taylor in Indy beyond 2025.” Multiple Colts stars, including DTs DeForest Buckner and Grover Stewart, OG Quenton Nelson and WR Josh Downs, are also entering the final year of their deal. Chappell believes owner Carlie Irsay-Gordon “might believe it’s more prudent to allow the upcoming season to run its course rather than reinvest in lucrative contracts.” Time will tell.

The Colts’ intent to increase Pierce’s involvement was made apparent by the four-year, $116 million contract he signed last month. Downs produced career lows in targets (84), receptions (58) and yards (566) last year, struggling to compete with TE Tyler Warren as a slot weapon. This is the second positive report for Downs this week, though which is encouraging. Downs currently finds himself in the fantasy WR4 discussion, but could improve his standing by becoming the Colts’ go-to pass catcher in the short-to-intermediate target depth this summer. Pierce has a wide range of potential outcomes as he attempts to transition from a downfield role to being the team’s X-receiver. He can be valued similarly to Downs and may possess a higher upside.

Holder quotes Colts GM Chris Ballard as saying “I think Josh Downs is freaking good. I do. I’ve always thought he’s good. I think allowing him some more opportunities, we’re going to see some of the special stuff you’ve seen in the past, but more.” Downs probably is in line for the WR4 discussion in 2026 with Michael Pittman off to Pittsburgh, in what amounts to a make-or-break season in his walk year. We’d feel more comfortable boosting Downs if we were sure Daniel Jones were going to be healthy in Week 1, but he certainly has demonstrated the talent to be a fantasy factor in flashes.

He also projects some of Pittman’s targets to head to Josh Downs, perhaps elevating Downs to the fantasy WR4 line. Warren tapered off down the stretch as the Colts struggled with injured Daniel Jones and without Really Injured Daniel Jones. It does make sense that he’d take a second-year leap and be the preferred possession receiver in Pittman’s absence.

Aaron Rodgers’ new No. 2 receiver figures to fit in well in Mike McCarthy’s West Coast system. Because we’re expecting the Steelers to throw less in 2026 than the Colts did, Pittman Jr. probably profiles best as a WR4 going forward. It’s still a huge upgrade for the Steelers on a position where they were desperately trying to find bodies that Rodgers approved of towards the end of 2025. Adam Schefter reports the Steelers will sign Pittman Jr. to a three-year, $59 million extension as part of the trade. The $24 million cap savings for the Colts are the main benefit — it also helps solidify Alec Pierce as the team’s No. 1 receiver and elevates Josh Downs into a bigger role in 2026.

Downs didn’t exactly suffer an efficiency drought. He still caught four touchdowns, he played well when he was healthy. The Colts simply crowded him off the field after drafting Tyler Warren and watching Alec Pierce have a breakout season. Downs played only 58.4 percent of the offensive snaps through Week 17, and only took over 70 percent of the snaps in two games with Philip Rivers towards the end of a doomed season. Entering the final year of his rookie deal, Downs is a plausible WR3 if the Colts move on from Michael Pittman Jr. and/or Pierce. He just needs an every-down role to actually have fantasy value.

Downs managed an 18-yard third-down catch on the sideline that was challenged but upheld to put the Colts in field-goal range. Otherwise, well, the Jaguars sat on everything underneath and challenged Philip Rivers to make deeper throws, and he mostly couldn’t. Downs seems like a better bet to play than the other Colts’ wideouts in Week 18 — assuming the Colts want him to — since he’s under contract in 2026 and still on his rookie deal.

Downs tied with rookie tight end Tyler Warren for the team lead in targets and ranked behind only Alec Pierce in receiving yardage, relied on heavily out of the slot against the heavy zone rates of the 49ers. The 2025 season was not as kind to Downs’ fantasy managers as initially thought heading into the year, with Warren’s breakout a large reason why. He’ll enter the final year of his rookie contract in 2026.

He’ll be in line for a real role on Monday night, though with Philip Rivers under center the best fantasy managers can realistically hope for is a PPR scam with some touchdown equity. Downs is probably best thought of as a WR4/WR5 in Week 16’s slate.

We fully expect Downs to be available on Monday night, but given WR Alec Pierce’s (Achilles) limited session, this is worth keeping an eye on. The Colts’ pass catchers are now vying for opportunities in a low-volume passing attack. Removing one player makes a difference. Stay tuned.