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The Colts made Anthony Richardson the fourth pick of the first round on Thursday night, but they opted to trade the fourth pick of the second round.
The Raiders traded the 38th and 141st picks to the Colts so that they could move into position to take tight end Michael Mayer.
Mayer joins the Raiders a little more than a month after they dealt Darren Waller to the Giants and opened a hole at tight end on their roster. Mayer caught 67 passes for 809 yards and nine touchdowns at Notre Dame last year, so his arrival should be a welcome one for quarterback Jimmy Garoppolo.
Mayer went one pick after Sam LaPorta went to the Lions, so there may be a run on tight ends brewing early in the second round.