The 2026 NFL trade deadline day is finally here. This final day of the deadline has been much quieter than the past few weeks. It is even quieter than Monday when Jacksonville made a slew of trades to capitalize on their Super Bowl window. Fortunately, there have been a few notable transaction on Tuesday.

Indianapolis traded away veteran Keenan Allen to San Francisco in exchange for a 2027 sixth-round pick. Allen proved that he can still play during his limited time with the Colts. Now he joins one of the NFC's best teams and could play a big role on a deep playoff run.

It may not be the most exciting transaction of the day, but this deal should work out nicely for both sides.

Here are trade grades for both the 49ers and Colts after their last-second deadline move.

49ers replenish injured wide receiver room at a bargain price

GM John Lynch pulled off some excellent bargain bin shopping here.

The 49ers will not miss their sixth-round pick, but they will be happy that they have Allen for the rest of the season.

Allen was surprising productive in his eight games in Indy, logging 40 receptions for 351 yards and a touchdown. It is easy to imagine that production improving with a better coaching staff and supporting cast.

San Francisco will be forced to rely on Allen right away. Allen will be one of their best receivers in Week 10 considering that Mike Evans is still not ready to return.

The best part about Allen landing in San Fran is that his expected role likely won't be that big. After all, Christian McCaffrey and George Kittle will still demand a healthy diet of target by themselves. Allen and the rest simply have to fill in the gaps.

The 49ers get a boost in their grade because they are an extremely competitive team this season. They will feel the difference that Allen brings on offense, and it cost them practically nothing.

Grade: A

Colts cash in on Keenan Allen amid nightmare 2026 season

At this point in the season, it is that Indianapolis has very little to play for.

The Colts are just 2-7 and riding a five-game losing streak. Nothing seems to be going right this season and the firing of general manager Chris Ballard signals further changes to come this offseason. That being the case, what's the point of holding onto Allen for even a minute longer?

Realistically, the Colts probably would not receive anything from the compensatory pick formula by letting Allen walk during the offseason. In fact, this could even be Allen's last season in the NFL entirely. So it was smart of the Colts to get whatever they can in return for him.

It's hard to get too excited about a move like this one. Still, fans can feel confident that their front office is making smart short-term moves before they find the leaders of their next regime.

Grade: B