Schefter: Colts have fourth-round pick offer for Downs

It was an obvious fit. Downs will slot in as Kansas City’s No. 2 wideout behind Rashee Rice and his fantasy stock receives a slight upgrade — though we felt like we’ve spent all year saying that and never seeing any actual returns for it — while Xavier Worthy moves back to the undesirable FLEX shadow zone. The Colts had to make this trade as Downs was a free agent at year’s end, but it has left them with a completely indecipherable wideout room. Ashton Dulin is perhaps the No. 1 target Daniel Jones has outside of Tyler Warren and Jonathan Taylor.

Just what the 49ers needed: To get older at the skill positions. With Christian Kirk gone, Allen figures to fill a role for the 49ers and could still be fantasy relevant depending on Mike Evans’ health. It does seem unlikely he’ll draw the same sort of targets as he had been handling for the Colts, but the targets should be more effective. The Colts signed Allen off the street in August and flipped him for something as they realized they were going nowhere, so they’ve done well for themselves here. The wideout vacuum in Indianapolis may draw players like Ashton Dulin into fantasy consideration, especially if Josh Downs also moves later today.

The Colts have given Downs the opportunity to expand his offensive involvement this year, but he has struggled to capitalize on it without Alec Piece (heel) on the field to keep defenses honest. Downs reportedly asked for a trade roughly two weeks ago, and per Holder, the relationship between Downs and the Colts isn’t “the best” right now. If they can’t get adequate trade value, they may choose to keep him, while also using the lack of a substantial offer as a counterpoint to his recent disgruntlement. Stay tuned.

Downs saw numerous snaps in coverage by his younger brother, Caleb Downs, and was unable to return a usable fantasy outing for the seventh time in nine appearances for the Colts this season. The subject of significant trade speculation ahead of Tuesday’s trade deadline, Downs appears likely to be headed for a change of scenery in a contract year, with the Colts reportedly already holding an offer in hand. More to come from one of fantasy’s most disappointing mid-round selections.

Allen wasn’t targeted until late in the second quarter but picked up two receptions on back-to-back plays to tease fantasy managers in an otherwise poor outing. Things can’t get much worse in Indianapolis, with their decisions in the coming days ahead of Tuesday’s trade deadline potentially allowing Allen to step into a more featured role in the second half of the season. Stay tuned as the Colts limp into a Week 10 matchup against the Dolphins.

Downs’ 2026 season has fallen short of expectations, but perhaps he has a chance to rebound. Breer believes acquiring Downs would “probably” cost a fourth-round pick. He is “one of a number of receivers on the market” at the moment, with the Chiefs and Steelers among the teams looking for help at the position. Breer adds that the 49ers are “open” to adding a wide receiver as well, but with their positional health improving, San Francisco is “less desperate than they were a couple of weeks ago.” The Steelers’ wide receiver corps might be too muddled for Downs to meaningfully increase his productivity, but landing in Kansas City or San Francisco would likely be good for him.

The Rams’ resources are thin. They already traded away their 2027 first- and second-round picks, their 2028 second-round pick and their 2029 third-round pick. They also have just $8,000 in 2026 salary cap space, so restructuring the potential new add’s deal would be required. Atkins believes the Rams should consider Josh Downs as the top option due to his ability to beat man coverage and contribute as a returner. Other options, according to Atkins, include Calvin Ridley, Keenan Allen and Jauan Jennings, “for the likely cost of a Day 3 pick.”

Chiefs coach Andy Reid told reporters today that general manager Brett Veach has been constantly sharing potential trade targets with the coaching staff for about a month. According to Goldman, the Chiefs could also target additions along the offensive and defensive lines, but he believes the team would “likely have to acquire a receiver through other means” before focusing on the trenches. There aren’t many free agency options right now, though, so it is unclear how this scenario would play out. Goldman notes that Josh Downs and Brian Thomas Jr. “have surfaced in trade discussions.” He does not think the Chiefs will make a move before Sunday, though a move early next week, before the November 10th trade deadline, is still possible.

As is now the case every week, Allen easily lead the Colts in most every receiving category. That did not include targets — a returning Tyler Warren commanded 10 looks — but Allen out-gained him 67-18. Now Allen and fantasy managers must sit and wait to see what kind of moves the tanking Colts make ahead of the Nov. 10 trade deadline. That could include non-roster changes like the benching of Daniel Jones. For now a low-end WR3, Allen could be valued much differently 10 days from now.

Downs’ score was something of a pity touchdown in a game the Colts were trailing 35-0 at the 3:59 mark of the third quarter. Jacksonville’s defense had a rare mixup, and Downs was roaming free in the end zone. Amazingly, it was his first touchdown of the year. That speaks to just how dire things have been for Downs in an offense with an ineffective Daniel Jones and ageless Keenan Allen. Downs, who of course must be held responsible for his own mediocre play, will have no shot at a 2026 fantasy revival unless he’s subject to a change-of-scenery trade ahead of the Nov. 10 deadline.