Just to play devils advocate here:
I do agree with your points about the starters. However, if a team can look and do good with their depth players it often makes the team better . The Colts have been pretty lean in the "depth" department in recent years. I think Ballard has fixed that issue with the LB's, but not sure about anywhere else. At full strength, this team could be very good, but that is the same with many teams. The record is affected greatly by the depth at each position.
Not talking QB here as that is an exception for the Colts.