Trading for Help at Receiver: The Steelers' Cases for Downs, Thomas, and McConkey, and What the Metcalf and Pittman Contracts Mean for 2027
Pittsburgh heads into its Week 9 bye at 6-2 and alone atop the AFC North, but the receiver room has been held together by injury designations. Michael Pittman Jr. has been on injured reserve since October 10 with a re-aggravated foot injury. Roman Wilson is on injured reserve with a finger injury. Ben Skowronek has been working through a calf problem, and practice-squad players Brandon Smith and Brandon Johnson have been elevated to fill snaps. DK Metcalf and rookie Germie Bernard have carried the load. With the trade deadline on November 10, three names keep surfacing: Indianapolis’s Josh Downs, Jacksonville’s Brian Thomas Jr., and the Chargers’ Ladd McConkey. Each solves a different problem and carries a different price, and none can be judged honestly without looking at 2027, when Metcalf and Pittman together are scheduled to count more than $64 million against the cap.
Where the Receiver Room Stands Today
The health picture is better than it was two weeks ago, but it is not settled. Pittman is eligible to come off injured reserve after the bye, which would make him available for the Week 10 game against Cincinnati. Head coach Mike McCarthy described the injury as a multiple-week problem, and the team has not said whether it will open his practice window. A Steelers.com report ahead of the Cleveland game was encouraging about his mobility, and the Post-Gazette’s Gerry Dulac has reported that the Steelers are not planning to make a trade, with Pittman’s return cited as a factor. Wilson is out through the Week 10 game. Bernard has stepped into the No. 2 role behind Metcalf in the meantime.
There is also a performance question that sits underneath the health question. One national outlet has argued that Metcalf has not been delivering as a true No. 1 and that Pittman has not produced well when he has been on the field. That is one outlet’s read, not a settled fact, but it explains why the front office keeps getting linked to outside help even though two expensive starters are already on the books.
Player | Current status | Contract |
DK Metcalf | Active; starting WR1 | Under contract through 2029; $33M average, restructured this offseason |
Michael Pittman Jr. | Injured reserve (foot); eligible to return after the bye | Two-year, $35M extension; runs through 2028 |
Germie Bernard | Active; has moved into the WR2 role | Rookie deal through 2029 |
Roman Wilson | Injured reserve (finger); out through Week 10 | Rookie deal; expires after 2027 |
Ben Skowronek | Active; calf, questionable at times | Expires after 2026 |
Kaden Wetjen | Active; primarily a returner | Rookie deal through 2029 |
What Pittsburgh Has to Spend
The Steelers hold nine picks in the 2027 draft: their own first and second, two thirds (one from Dallas in the Broderick Jones trade), a fifth from Dallas, two sixths from Dallas, and two sevenths, one of which came from Miami. They do not hold a fourth-round pick. For 2028, they added a Dallas second-round pick in the Joey Porter Jr. trade. For price context, Arizona received a 2027 second-round pick from Houston for Marvin Harrison Jr., and that deal is the comparison point being used for Thomas. I have not verified the Steelers’ current cap space, so the cost discussion below focuses on what each player would add to the books and what the 2027 contracts would look like.
Josh Downs, Colts: The Rental
The case for. Downs is the player Pittsburgh has reportedly shown the most interest in and the one most likely to be available, because he requested a trade after the Colts began moving veterans. He is a slot separator who is ready to step into a West Coast offense, and this season he has 30 catches for 330 yards and a touchdown through eight games, with 228 catches for 2,470 yards and 12 touchdowns over his 55-game career. For a quarterback who is 42 and prefers to get the ball out quickly, that is a usable fit. The leverage is also on Pittsburgh’s side. Indianapolis is selling, Downs is in the final year of his rookie deal, and the reported Colts ask of a third-round pick has not drawn a buyer. Reports link Pittsburgh and Kansas City to Day 3 offers, which suggests the price could come down toward a fifth or sixth-round pick as the deadline approaches.
The case against. Downs is a rental. His contract expires after the season, so any 2027 value means paying him a new contract, and analysts have pointed out that this would add guaranteed money to a receiver room that already has plenty. His career 10.9 yards per reception also profiles him as an underneath player, not a deep threat, and Bernard already works as a slot option, so the overlap is real. A third-round price would be difficult to justify for a half season, and the Chiefs are reportedly treating Downs as their backup plan if they cannot land Thomas, which means competition could push the price up.
2027 and beyond. If Pittsburgh acquires him cheaply, the cost of being wrong is small, and he can simply walk in March. If the Steelers like what they see, they would have to negotiate against a market that has been rising for receivers. The upside case is a modest bridge piece. The downside case is a short-term fix with a possible extension bill.
Brian Thomas Jr., Jaguars: The Upside Play
The case for. Thomas was the No. 23 pick in 2024 and caught 87 passes for 1,282 yards and 10 touchdowns as a rookie. He is 24. His value to Pittsburgh is not what he is doing now, since he has nine catches on 18 targets in six games and has lost snaps to Parker Washington, Jakobi Meyers, and sixth-round rookie Josh Cameron. His value is the combination of talent and contract control. He is under contract through 2027 at a modest cap charge (an older estimate puts it near $4.6 million), and the team that holds him will make the fifth-year option decision next May for 2028. That option would be fully guaranteed at roughly $17.2 million, so the decision belongs entirely to the team and can be declined without any penalty. Extension talks also cannot begin until 2027. For a roster that will need a receiver to grow alongside a new quarterback after Rodgers, controlled years are the real prize.
The case against. The production decline is sharp, and a change of scenery is a hope, not a guarantee. One Steelers analyst has argued that a trade for Thomas would not help Pittsburgh until 2027 at the earliest, because he would need a full offseason to learn the scheme and rebuild his confidence. The price is also uncertain. Jacksonville turned down significant offers last year, has not committed to a deal this year, and reportedly wants to keep him at least through its upcoming game against Baltimore. The Chiefs and Commanders have interest, and estimates for the cost run from a second-round pick, matching the Harrison deal, down to a third. A second-round pick for a player who is not producing is a steep bet, particularly when the Steelers hold only nine picks in 2027 and no fourth-rounder.
2027 and beyond. This is where Thomas separates from Downs. The Steelers would know his 2027 salary in advance, would keep the option to guarantee 2028, and could walk away after 2027 if he does not rebound. The risk is that he remains a first-round talent who plays like a depth receiver, in which case the cost is a Day 2 pick and a roster spot. The reward is a 25-year-old starter on a cheap deal at a time when Metcalf and Pittman are expensive.
Ladd McConkey, Chargers: The Premium Option
The case for. McConkey was a second-round pick in 2024 who caught 82 passes for 1,149 yards and seven touchdowns as a rookie and gained 789 yards in 2025. His 2026 numbers have dipped as he has dealt with injuries and a Chargers team that started 0-6, but his profile is clear: a quick, twitchy route runner with more downfield ability than Downs (13.3 yards per reception for his career, compared with 10.9). A scout told NFL insider Jason La Canfora that he might be the kind of target Rodgers would enjoy throwing to. His contract is the best of the three for 2027. He runs through the 2027 season with a cap hit of about $3.2 million, so Pittsburgh would control a good receiver for two seasons at a small cost.
The case against. The price is the highest and the availability is the least certain. Estimates run from a second-round pick to a Day 2 pick plus another asset, and one writer thinks Los Angeles could ask for a package similar to Houston’s second-round return for Harrison. Reports conflict on whether the Chargers are even open to a deal. His style also overlaps with Bernard’s, and one analyst argues that a cheaper Chargers target, Quentin Johnston, would fit better. Johnston’s option was exercised, which guarantees him roughly $16 to $18 million in 2027, depending on the source.
2027 and beyond. McConkey was a second-round pick, so there is no fifth-year option. His contract ends after 2027, and the team that acquires him has one season to decide whether to extend him. Projections put his market value above $31 million per year. That matters because Pittsburgh would be looking at an extension when Metcalf’s average is $33 million and Pittman’s cap charge is $26 million. McConkey is attractive for 2026 and 2027, but he can quickly become the third large receiver contract.
Side by Side
Category | Josh Downs (IND) | Brian Thomas Jr. (JAX) | Ladd McConkey (LAC) |
Reported or estimated price | Colts ask: third-round value; reported offers on Day 3 | Estimates: second to third round; Jaguars not committed to trading | Estimates: second or third round, possibly more |
2026 contract status | Final year of rookie deal | Rookie deal; cap hit about $4M | Rookie deal; cap hit about $2.7M |
2027 control | None; free agent in March | Yes; about $4.6M cap hit (older estimate) | Yes; about $3.2M cap hit |
2028 outlook | New contract required | Fifth-year option, about $17.2M guaranteed if exercised | No option; extension or free agency |
Fit | Slot; overlaps Bernard | Outside; highest upside, lowest current production | Slot and downfield; overlaps Bernard |
Main risk | Overpaying for a half season | Spending a Day 2 pick on a player who is not producing | Most expensive in picks and in a future extension |
What Control Over 2027 Actually Means
The point about Thomas and McConkey is strategic, not sentimental. Both are under contract for 2027 at salaries that, combined, would cost less than a third of Pittman’s 2027 cap charge. That is the real argument for paying more in picks for them than for Downs: the Steelers would be buying a known, inexpensive 2027 and, in Thomas’s case, an optional 2028. If either player rebounds, Pittsburgh holds the negotiating position when his rookie deal ends. If neither does, the money at risk is small compared with the draft cost. The tradeoff is that the picks, not the salary, are what Pittsburgh would be paying with, and the Steelers have no fourth-round pick in 2027.
If the Steelers Move On from Metcalf or Pittman in 2027
The existing contracts are what make a trade for another receiver more than a deadline decision. They set the 2027 cost of keeping the current room, and the two deals are very different.
2027 scenario | DK Metcalf | Michael Pittman Jr. |
Cap charge if kept | About $38.4M (base $20M, bonus proration about $11.9M, roster bonus $6.5M) | About $26.07M (base $16M, proration about $7.57M, roster bonus $2.5M) |
Cut or trade before June 1 | About $35.8M dead, about $2.6M saved | About $15.13M dead, about $10.93M saved |
Cut or trade after June 1 | Dead money spreads across two seasons; no meaningful 2027 savings | About $7.57M dead in 2027 and 2028 each; about $18.5M saved in 2027 |
Verdict | Not a realistic 2027 exit | A workable exit if replaced |
D.J. Metcalf: The restructure that converted $23.7 million of his 2026 salary into a signing bonus lowered this year’s cap charge, but it also pushed money into the future. Releasing him before 2027 would leave roughly $35.8 million in dead money and free only about $2.65 million, so removing him in 2027 would cost almost as much as keeping him. The practical conclusion is that Metcalf is a 2027 starter regardless of how the next few weeks go. The decision point is 2028, when the dead-money figure falls. Before the restructure, the 2028 figure was about $12 million, so the new number needs to be rerun before any plan relies on it. Pittsburgh also chose to stand behind him after his late-2025 suspension, which voided $45 million in future guarantees, a sign the organization is committed to him.
Michael Pittman Jr.: His deal is the flexible one. If the Steelers cut or trade him before June 1, they would carry about $15.13 million in dead money and clear about $10.93 million. If they wait until after June 1, they would clear about $18.5 million in 2027 but carry $7.57 million in dead money in both 2027 and 2028. He will also turn 30 in 2027, and his 2028 cap charge is about $24 million, which makes this a contract with an easy exit after one more season. The injury history adds weight to the question. He has missed four of Pittsburgh’s seven games this year with the same foot problem.
Pittman exit timing | 2027 cap saved | Net if Thomas replaces him (about $4.6M) | Net if McConkey replaces him (about $3.2M) | 2028 dead cap |
Before June 1 | About $10.9M | About $6.3M | About $7.7M | None |
After June 1 | About $18.5M | About $13.9M | About $15.3M | About $7.57M |
The comparison shows why the Pittman question is tied to the trade question. A controlled receiver such as Thomas or McConkey could replace Pittman’s 2027 role for a fraction of his charge, which would create between roughly $6 million and $15 million in cap room, depending on timing and who is acquired. That is the cost-side argument for the trade. The performance-side argument against it is that Pittman has averaged about 950 receiving yards with 24 touchdowns over the past five seasons in Indianapolis, and neither Thomas nor McConkey is producing at that level this year. Cutting a veteran starter for a younger receiver is only a good trade if the younger receiver is actually better by 2027.
The Strategic Read
The evidence supports a decision tree more than a single answer. If Pittman returns after the bye and looks healthy, Pittsburgh’s receiver room is stronger than it has been, and the cheapest correct move is to do little or add Downs only at a Day 3 price. That limits the downside to a late-round pick and avoids a new contract. If Pittman’s foot continues to be a problem, or Wilson’s return slips, then Thomas becomes the more compelling move, because the Steelers would be buying a controlled 2027 and an optional 2028 while creating a path to move on from Pittman’s $26 million charge. McConkey is the highest-end version of that approach, but the likely price and the probable $30 million-plus extension make him the hardest to justify unless Los Angeles accepts a Day 2 pick that does not hurt the Steelers’ 2027 draft.
In every scenario, Metcalf’s 2027 contract is a fixed cost, and Pittman’s is the only real lever. That is the main finding: any acquisition should be judged by how it changes the Pittman decision in March, not only by how it helps the offense over the next nine games.
The Verdict on the Steeler's Trade Deadline
Downs is the lowest-risk move and the least valuable beyond this season. Thomas offers the best mix of upside and contract control, but only if Jacksonville will accept a third-round price, because a second-round pick for a receiver who is not producing is too much. McConkey is the best player of the three and the most costly in both picks and future salary. The Steelers are 6-2, healthy receivers may be on the way, and the Dulac report suggests the front office may stand pat. If Pittsburgh does act, the best 2027 value is a controlled receiver acquired at a Day 3 or third-round price, with Pittman’s contract kept in reserve as the offset.
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