Not necessarily. The Colts could just know that more than likely Chubb will still be available at 6th, and with the Giants and their QB situation being the wild card, Barkley may not be available. My guess is they are banking on Chubb/Nelson being there at 6th while still being able to go Oline in the 2nd. If the off chance both Chubb and Nelson are gone, and no further trades can happen, my gut tells me they will draft Fitzpatrick.
Barkley at this point for us would be a luxury pick that would require the Oline to have been addressed in FA.