The Indianapolis Colts and the rest of the NFL are down with the 2026 trade deadline. Indy didn't make any truly shocking moves, and Jonathan Taylor and Daniel Jones are still with the team.
The 2026 product is worse after the moves, but maybe the future is brighter. Indy has 10 draft picks in 2027 alone, though almost all are on Day 3.
By the time the 2027 season begins, Indianapolis will have a new general manager and could have a new coaching staff. Do they have enough draft capital to succeed faster than expected? Maybe. That's the hope.
Winners and losers for the Indianapolis Colts at the 2026 trade deadline
Winner: Head coach Shane Steichen (sort of)
The Colts allowed Steichen to keep his buddy, Daniel Jones, and the team's top running back. This means that whether Steichen keeps his job or not is completely up to him. He's still the same coach who has gone 7-25 against teams with a .500 record or better, so if he can take the players Indy kept and get them to win some games this season, good for him.
Fans know the truth, though. Steichen isn't a good head coach. The organization had a chance to remake itself and add draft value by dealing Taylor, at least. Instead, the offense continues on, only without a slow and aging wide receiver and the underperforming Josh Downs.
Winner: Wide receiver Keenan Allen
Speaking of that slow and aging receiver, Allen was dealt to the San Francisco 49ers and now has a chance to finish his career with a playoff team. He managed to go unsigned until deep into the preseason, land with a failing Indy team, and turn mediocre production into being wanted by a good team.
Maybe the ultimate winner here was Indianapolis. A 34-year-old slot receiver should never bring back any trade value. Allen leaving gave the Colts a sixth-round 2027 pick. Something is better than nothing.
Loser: The next general manager
Indianapolis could have gone all in on a true rebuild. Instead, all they got back for four trades, including ones involving Quenton Nelson, Josh Downs, and DeForest Buckner, is a bunch of Day 3 picks. The team doesn't have a first-rounder in 2027.
The new GM will also be immediately stuck with a decision about whether to keep Daniel Jones or release him and save $38 million. The smart choice would be to start over with a QB of the new GM's choosing, as best as possible, but either way, Indy could have done more in terms of draft capital. Relying on Day 3 picks to win isn't good.
Loser: Running back Jonathan Taylor
Taylor signed an extension before this season, so he was already a winner before the trade deadline. Where he gets to be a loser professionally is not being dealt to a team with a real chance of winning a Super Bowl for most of Taylor's career.
Hopefully, the running back is truly happy living in Indianapolis, but he isn't likely to taste the playoffs for the foreseeable future unless he is dealt before next season during the offseason. He deserves to play somewhere where he can win games. That isn't happening with the Colts.
Loser: Running back Seth McGowan
The rookie running back could have immediately moved up to RB1 had Taylor been traded. Now, he is stuck being RB2 through at least 2028. That means maybe by the final year of his deal, he could be a starter and increase his asking price when he finally hits free agency.
McGowan has flashed the ability to be a starter, and he might be more valuable in the future as a kick returner, but he won't be getting a lot more reps out of the backfield. Instead, he is stuck in his role.
Loser: Quarterback Daniel Jones
Jones gets to stick with Shane Steichen, and the two obviously have a friendship, but just like the head coach, Jones is doomed to fail for the rest of the season. He was already struggling with a poor receiving corps, but now he won't have Alec Pierce for the foreseeable future, and won't have Keenan Allen or Josh Downs ever again.
Jones' top option is tight end Tyler Warren, but every defense will know that. Expect very little from the offense except for the running game. Week 10 against the Miami Dolphins could be the ugliest game in the history of the NFL.
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