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.
NFL teams make the lengths of contracts over-long because they prorate the signing bonus toward the salary cap over the length of the contract. Example: A team gives a 5-year contract with a $5 million dollar bonus.