The Jets, who could be eyeing a potential franchise quarterback, moved up three spots -- from No. 6 to No. 3 -- and sent two second-round picks in this draft (Nos. 37 and 49) and a second-round selection in 2019 to the Colts.
The Cleveland Browns hold the first and fourth overall picks and the New York Giants have the second selection in the 2018 NFL Draft, which will be held on April 26-28 at AT&T Stadium in Arlington, Texas.
The Jets were unsuccessful in their bid to land free-agent quarterback Kirk Cousins, who signed a three-year, $84 million deal with the Minnesota Vikings. New York signed former Vikings quarterback Teddy Bridgewater, instead.
Jets general manager Mike Maccagnan has attended the pro days of Oklahoma's Baker Mayfield and UCLA's Josh Rosen. He's also planning to attend the pro days of Wyoming's Josh Allen and USC's Sam Darnold, per reports.
The trade with the Jets gives the Colts nine picks in the upcoming draft.