For a while during training camp, Josh Downs was something of a fantasy football darling. The Indianapolis Colts’ staff spoke about wanting to get the young wide receiver more opportunities to make plays, and with his projected target share a little larger, plenty of fantasy managers put him on the radar. Now two weeks into the season, he hasn’t yet produced up to par, but there may be reason for optimism over the next few weeks.
Is Josh Downs a must-add waiver wire name for Week 3 after Alec Pierce’s injury?
Is Josh Downs a must-add waiver wire pickup after Alec Pierce’s injury?
It wasn’t that long ago that Josh Downs was a legitimate start-worthy asset in fantasy football. During his second pro season back in 2024, he averaged 13.1 FPPG in PPR formats – had he played more than 14 games, he probably would’ve finished inside the top-30 players at his position rather than as the overall WR35. Still, he caught 72 passes for 803 yards and five touchdowns during that season, also seeing pretty great target share with 107 looks.
Where did that player go? Last season, the introduction of Tyler Warren into the Colts’ group of receiving weapons sapped some of the volume from Downs’ role, as did the emergence of Alec Pierce as more than just a deep threat. With those two and Michael Pittman Jr. all seeing targets, it was difficult for any of the four pass-catchers to serve as a consistent producer in fantasy. Couple that with the fact that Downs remained relegated to a slot-only role for the most part, and it’s not shocking that he averaged just 8.5 FPPG in 2025.
In Week 1 of 2026, Downs took on just four targets and caught two of them for 37 yards to finish with 5.7 PPR points. In Week 2, he looked far better with 72 receiving yards on seven receptions and nine targets. His fantasy output was far better at 14.2 PPR points, good for a finish as the WR20 on the week. Yes, that game against the Kansas City Chiefs did go to overtime, but it was a welcome performance from the fourth-year wideout.
In that Week 2 matchup, Alec Pierce aggravated the ankle he had surgically repaired over the offseason and is now expected to miss some time. The exact timeline is uncertain as of now, but it sounds like he’s electing to try and rehab the injury naturally rather than undergo surgery, so an IR stint of at least four weeks may be a real possibility. If Pierce is going to be sidelined, that does boost the outlook in fantasy football for the Colts’ other receiving weapons.
With that in mind, the runway does seem somewhat cleared for Downs to potentially replicate that Week 2 performance moving forward. The assumption is that he may be able to get on the field more with Pierce out, but he doesn’t exactly need a significant uptick in snap share – Downs actually played 89% and 83% of Indianapolis’ offensive snaps over the first two weeks of the season, which are the second and third-highest marks of his career. He’s already on the field more often than he was in years past when he largely saw a snap share in the 50-60% range operating almost exclusively from the slot. That’s a positive indicator, though it doesn’t necessarily guarantee production.
However, what does help is that Pierce’s target share will be vacated while he’s gone. He’d seen just seven total targets prior to his injury, but he saw a 21% target share in Week 1 and his 3% share in Week 2 is explained by the fact that he was injured in the first quarter. He wasn’t a high-volume player last year, but it’s worth noting that Pierce did average 5.5 looks per game. This isn’t likely to be a high-volume passing attack since the Colts like to run their offense through halfback Jonathan Taylor, but Downs could certainly absorb a couple of extra targets per game in Pierce’s absence, including some of his downfield looks.
Believe it or not, Downs actually has a 22.0% target share through the first two weeks – a team-best mark. That’s conducive to fantasy output in an offense that should continue to improve as Daniel Jones gets back up to speed under center, too. He may not be on waivers in your fantasy league, but if the wideout is available, he’s one of the best adds from the wire that you can make heading into Week 3. The upcoming game against the Houston Texans may be a tough test that calls for passing volume, but after that, Indy faces the Washington Commanders, Pittsburgh Steelers and Tennessee Titans. If Pierce winds up on IR, adding Downs could really pay off.
