Josh Downs + Keenan Allen: Does the Reunion With Shane Steichen Actually Hurt Downs?

Keenan Allen signing with Indianapolis is not nothing for Josh Downs.

I'm not going to pretend otherwise.

Allen has made a career winning in many of the same areas of the field where Downs is most comfortable.

But I also think:

Keenan Allen signed = Josh Downs dead

is way too simple.

Indianapolis Already Wanted More From Downs

Back in March, the Colts openly talked about expanding Downs' role.

That was after a 2025 season where heavier personnel limited some of his opportunities.

Downs finished with:

• 88 targets • 58 receptions • 566 yards • 4 touchdowns

That was a clear step back from 2024, when he caught 72 passes for 803 yards.

Indianapolis knew that.

And before Allen ever signed, the stated goal was to find ways to get Downs more involved.

Then Steichen Reunited With Allen

Here's the part I can't ignore.

Steichen and Allen were together with the Chargers from 2014 through 2020.

Steichen has called Allen the most cerebral receiver he's ever been around.

That's strong language.

Allen understands leverage, coverage and how quarterbacks see the field.

He's also coming off an 81-catch season with the Chargers.

So yes:

Allen is going to get targets.

I'm not betting against that.

But They Don't Have to Use Them Identically

This is where I think the fantasy conversation gets lazy.

Having two receivers who are good underneath doesn't mean they need to run the same routes from the same alignment all afternoon.

Downs has more movement ability and youth.

Allen brings size, experience and an elite understanding of zone coverage.

Steichen should be able to move both.

And Indianapolis still has Tyler Warren creating matchup problems from heavy personnel.

That's probably the bigger question for Downs:

How many total passing-game opportunities are available?

Not simply:

Who is the slot receiver?

My Fantasy Reaction

Allen lowers Downs' ceiling.

I'm comfortable saying that.

There are now more mouths to feed.

But Downs' price is also nowhere near the expensive part of drafts.

That's why I'm not completely out.

I'm still willing to take him as a later receiver because we've already seen a 72-catch, 803-yard season from him, and Indianapolis spent the offseason discussing ways to expand his role.

If Allen were 27 years old and coming off a dominant 1,300-yard season, I'd be more worried.

He's 34.

The Colts aren't signing him to disappear, but I'm also not automatically projecting him to erase Downs.

The Bet

I'm betting that Steichen finds ways to use both.

Allen is the veteran technician.

Downs is the younger separator Indianapolis already wanted to feature more.

That makes Downs less safe than he was a week ago.

But at a cheap enough price, I'm still interested.

Sometimes added competition means we need to move a player down.

It doesn't always mean we need to remove him from the board.