New York will send Indy picks No. 6, 37 and 49 in 2018 and its second-round pick in 2019.
The Jets' bold move suggests they are interested in selecting a franchise quarterback with the No. 3 overall pick.
USC's Sam Darnold, UCLA's Josh Rosen, Oklahoma's Baker Mayfield and Wyoming's Josh Allen are among the signal-callers who could be available to them.
Although New York re-signed veteran quarterback Josh McCown and brought in former Minnesota Vikings quarterback Teddy Bridgewater as well, the Jets now have a chance to solidify their future under center if there is a quarterback they truly love in the 2018 class.
The move may also force the Cleveland Browns into taking a quarterback with the No. 1 overall pick.
There was some thought that Cleveland would take Penn State running back Saquon Barkley first before taking a quarterback with its second first-round pick at No. 4, but New York's trade up suggests the Browns will no longer have their pick of the quarterback litter at No. 4.
While Saturday's deal may help the Jets land a franchise quarterback, it was a massive coup for the Colts and general manager Chris Ballard as well.
In exchange for moving down just three spots in the first round, Indy picked up two second-round picks this year and one second-round pick next year, which should go a long way toward restocking the cupboard.
The Colts already have their quarterback if Andrew Luck can return from a shoulder injury that cost him all of 2017, and now they have a chance to surround him with top-end talent.
At No. 6, the Colts could look at NC State pass-rusher Bradley Chubb, Alabama defensive back Minkah Fitzpatrick and Notre Dame guard Quenton Nelson as potential selections.