The Pittsburgh Steelers have made a habit of swinging big when they want help at receiver, but that doesn’t mean they should bite on every expensive name that pops up. Josh Downs is the latest one linked to Pittsburgh, and the price tag from Indianapolis is already making this a tough sell.
ESPN insider Adam Schefter said on his podcast that the Colts are asking for third-round value in return for Downs.
"Josh Downs, the Colts have told teams they are looking for third-round value. Nobody's willing to do that right now," Shefter said.
That kind of asking price should stop the Steelers in their tracks. Omar Khan has shown he’s willing to get aggressive - the 2025 offseason made that clear when Pittsburgh sent a second-round pick to the Seattle Seahawks for DK Metcalf and then gave him roughly $33 million per year on his new deal.
But this situation is different. A third-round pick for Downs would be too much.
That’s not a knock on Downs’ ability. He’s a useful slot receiver who can give an offense some steadiness.
He can separate and beat man coverage, and that matters. But the Steelers have to look at what they’d actually be getting: a player with half a season left before his rookie deal runs out.
Downs’ contract expires after the 2026 season, so if Pittsburgh made a move soon, it might only get eight or nine games out of him. After that, unless the Steelers used the franchise tag, they’d have no real control over whether he hits free agency next March and signs elsewhere.
And this isn’t the kind of receiver who changes the shape of the field. Downs doesn’t stretch defenses much downfield, which shows up in his career average of 10.9 yards per reception.
That’s part of why a third-rounder feels so steep. He’d lean further into a short passing approach instead of helping Aaron Rodgers and the Steelers push the ball into the intermediate and deep areas.
The market also makes this even harder to swallow. This past offseason, receivers like Alec Pierce and Wan’Dale Robinson landed deals worth between $17.5 million and $28.5 million per season, so Downs is going to want paid on his next contract too. That’s a lot to consider for a short-term rental with no long-term certainty.
There’s also the matter of value. A third-round pick is the kind of return that lines up with what the Colts got for future Hall of Fame guard Quenton Nelson and more than they received for three-time Pro Bowl defensive lineman DeForest Buckner in recent deals. That’s a hefty price for a wideout who may only be around for a few months.
The smarter play for Pittsburgh is simple: wait.
If another team wants to pay a third-round pick to rent Downs for the rest of the season, that’s their call. But it doesn’t sound like the market is there yet. Once the conversation drops to a fourth-round pick, the deal becomes a lot more reasonable.
At that level, the Steelers could get the second half of the season from a slot receiver and maybe even position themselves to gain a compensatory pick if he leaves in free agency next offseason.
For now, though, Pittsburgh should hold firm. A third-round pick is too rich for Josh Downs, and unless Indianapolis lowers its ask, the Steelers need to stay out.
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