Letting your team deteriorate around your QB who's being paid a quadrillion dollars? Check.
Having zero NFL quality backup for your quadrillion dollar QB in the event he goes down? Check.
Idk about that. The Colts have been playoff contenders annualy for more than a decade. Manning's injury might hurt them for a year, but it won't be everlasting. I'm not a fan of irsay, but he does seem to know how to surround himself with people that know how to build a team.