The New York Giants could potentially solve a glaring hole in their receiving corps by acquiring Indianapolis Colts wide receiver Josh Downs, who has requested a trade as Indy begins a roster tear-down. Downs, a 2023 third-round pick, fits a specific physical and tactical profile that the Giants have lacked since a series of injuries decimated their slot options earlier this season.
The move comes as the 2-5 Colts move toward a rebuild, following the trades of guard Quenton Nelson and defensive tackle DeForest Buckner. For the Giants, the stakes are immediate. While the offense has shown recent flashes of productivity—posting 27 or more points in four straight games and surpassing 400 yards of offense in three consecutive contests—they remain thin at a critical position.
A void left by injuries and departures
The Giants entered the season with a specific plan for Calvin Austin, a 5-foot-9, 162-pound receiver designed to operate the slot. That plan evaporated in late August when Austin suffered a season-ending torn ACL. The situation worsened with the loss of both Gunner Olszewski and Braxton Berrios, leaving the roster without a traditional, elusive slot receiver capable of creating separation in tight windows.
Josh Downs mirrors the profile the Giants lost. Standing 5-foot-9 and weighing 171 pounds, Downs has proven to be a reliable target in Indianapolis. Over three full seasons with the Colts, he has never recorded fewer than 58 receptions in a year. This consistency is exactly what New York has missed after moving on from Darius Slayton and seeing a brief, unsuccessful reunion with Odell Beckham Jr.
Currently, the Giants are forced to use unconventional personnel to fill the void. According to Pro Football Focus (PFF) data, Isaiah Likely—officially a tight end—has been forced into a receiver’s role, aligning in the slot on 255 of his 370 snaps this season. Malik Nabers is also being shifted inside to compensate; Nabers has lined up in the slot 50 times over the last three games, averaging nearly 17 such alignments per contest.
The financial and draft cost of a trade
Because Downs is in the final year of his rookie contract, the financial barrier to acquiring him is remarkably low. A trade would only require the Giants to pay the pro-rated portion of his $3.924 million base salary for the remainder of the 2026 season. This structure allows the Giants to evaluate his fit in real-time before deciding whether to negotiate a long-term extension.
The cost in draft capital is expected to be similarly modest. Given the Colts’ current trajectory and the timing of the request, it is unlikely that acquiring Downs would cost more than a late-round pick.
| Player | Height | Weight | Role/Status |
|---|---|---|---|
| Josh Downs | 5’9″ | 171 lbs | Trade Candidate (Colts) |
| Calvin Austin | 5’9″ | 162 lbs | Injured (Giants) |
| Malik Nabers | N/A | N/A | Active (Giants) |
The risk of roster congestion
The Giants have leaned heavily into a heavy-personnel approach, frequently utilizing multiple tight ends or pairing a tight end with fullback Patrick Ricard.
The central question for the front office is whether Downs’ presence would improve the overall ceiling of the offense or simply take valuable snaps away from Malachi Fields or the existing tight end rotation. If the Giants want to move Malik Nabers out of the slot, adding a receiver like Downs could be a way to fill that role.
Downs offers the versatility to play both inside and outside, but his primary value lies in the slot—the exact spot where the Giants are currently relying on a tight end and Malik Nabers to patch a hole.
