All it will take is one massive bounce-back season for Josh Downs to seek a big-money contract next season, and the Indianapolis Colts can either pay big later or take care of things now and pay less. That is the situation regarding the Colts' three-year wide receiver's future.
Downs will enter the 2026-27 NFL on an expiring contract, meaning he'll be a free agent next year, unless Indianapolis extends him ahead of time. The Colts began this offseason by committing big dollars to both Daniel Jones and Alec Pierce, but whether they want to be in that situation again next year is something to watch.
Downs isn't the only offensive weapon the Colts have to consider a tied future with, as running back Jonathan Taylor is also extension-eligible, but Downs can emerge as a very important piece of the Colts' offense next season, putting some urgency on the Colts to make a decision.
Josh Downs can create another Alec Pierce-like situation for the Indianapolis Colts if they don't decide sooner
The reason the Colts would be remiss to extend Downs sooner rather than later has much to do with the potential for Downs to have a massive season as the expected No. 2 wide receiver behind Pierce. The Colts have yet to replace Michael Pittman Jr., but that may be because they see Downs as that replacement.
If Downs has a big year, he'll only be more expensive next offseason in 2027, which should make the Colts more urgent to get an extension done before that time, considering it would be a cheaper decision to make.
Downs is coming off his lowest production in a season since he got drafted by the Colts in 2023. In years one and two, Downs tallied 771 and 803 yards; a stark contrast to the 566 yards he had this past season. Not only were his yards down, but his receptions, too, dropping from 72 and 68 in the two seasons before 58.
Unless Downs is destined to regress further, the Colts should expect him to hit the 1,000-yard mark, or close to it, now that he will be a main target for Jones after Pierce, and with Pittman gone. Downs has shown he can be a valuable pass catcher, and he's great with separation and moving downfield.
Jones was a league leader in passing yards last season before he went down with a season-ending injury, and Pittman secured over 700 yards that season, mostly with Jones at quarterback. Even if Downs reaches Pittman's mark, that is already a bounce-back year, but he can likely surpass that. Jones showed last year he can put up numbers, which favours Downs immensely.
If that happens, and Downs has the most productive year of his career, his price tag will surely increase next year, and he'll be a target for a handful of teams looking for wide receiver help. If the Colts do indeed view him as a solid No. 2 option behind Pierce, they should pay him as such, before the chances they lose him next year become all too real.