The Colts shouldn't scare any elite teams at this point unless they're bad on both sides of the ball, which would kind of eliminate them from being elite in the first place. If you've got a good D and can hold us like Jacksonville did, you can win even if your offense isn't great. If you've got a good offense and can shoot it out like Kansas City did, you can win even if your defense isn't great.
The Colts D is just non existent now. They may as well keep the defense home, let the opponents run against an empty field, and let the offense go right back out there. Then at least the opponent's D will get tired faster.
BCS by-law number two breaks down the contractual obligations of the champions of the six BCS conferences to the major bowls, barring their selection to the BNC: ACC to the Orange, Big Ten & Pac-10 to the Rose, Big 12 to the Fiesta, SEC to the Sugar.