If I were the Colts GM...
My first step is to relieve Head Coach Jim Caldwell of his coaching duties. The rebuilding process begins in the front office and the coaching staff. There are several candidates available to begin interviewing. Let's first eliminate two popular names that won't be considered for the Colts head coaching vacancy.
Jim Tressel: He is too hot right now. He is coming off the scandal at Ohio State University and questions of his moral character are being raised. We don't need a superstar coach. While he would no doubt bring a legion of followers to him, I don't believe this is a direction the Colts need to go.
Tony Dungy: He has publicly said he does not want to coach.
A list of head coaches I would consider are: Jeff Fisher, Bill Cowher, Mike Mularkey, Dom Capers, Mike Martz, Mike Sherman and Herman Edwards.
After filing the head coach vacancy I would work closely with my new head coach and his staff to determine our draft strategy and resigning free agents.
If Peyton Manning is healthy, he stays here.
Free agency needs to be addressed. We have several big name players becoming free agents. Reggie Wayne, Robert Mathis, Jeff Saturday, and Pierre Garcon to name a few. Mathis and Garcon definitely get resigned, based off of pro bowl caliber season and youth, respectively. Wayne would ideally be resigned because he would not bring a top level compensatory pick . Let's keep our superstar WR in our house who will no doubt see a rise in production from a stable QB. Saturday is an anchor and long time member of our franchise. Unfortunately, the salary cap won't allow us to keep all of our players and Saturday is going into his 13th season.
I believe building through the draft is how you build a winning franchise. This years draft is paramount to our success.
With the #1 pick and obvious needs across the board, there is a of strategy to be considered. Almost immediately we would explore trade opportunities. Based off history of teams jumping up to get one guy and giving up several picks in the process, it would be foolish not to consider.
Remember the Falcons giving up 5 picks for Julio Jones, the Saints giving up their entire draft for Ricky Williams, the Cowboys getting Dorsett for 4 picks, and the Colts giving up 4 players for Jeff George. Sometimes it works out, some times it doesn't.
If a trade could be worked out for our #1 pick then we would go ahead and trade. Then we would look to take a young QB to mentor under Peyton Manning for ideally 1 or 2 seasons. We would also draft offensive lineman, defensive backs and will always be aware of impact players for the right price.
If no draft trade can be worked out then we would go ahead and draft Andrew Luck. The upside of Luck is to great to pass on, even with RG3 on the board. It's tough for a #1 pick not to play right off the bat. When you have one of the greatest QBs of all-time, you can make this exception. History has shown that QBs taken first overall have about a 50/50 chance of true success. And they almost always play better when given a chance to sit and learn.
Lastly, I would repair the strained relationship with local media. The fans and media of the Colts are what make this franchise great. They must be given a chance to be heard, to ask questions and voice concerns. Ultimately, the front office of the Colts will follow the lead of Jim Irsay, open and receptive to those who believe in blue.
I will maintain a twitter and not tweet in cryptic, vague or lyrical nonsense.