Granted, I'm fairly new to football, and it's always easier to coach or mange a team from your couch. But if I were the Colts' GM I would consider long term strategies to get the team back on its feet. Some such strategies would include:
a) Enticing Payton Manning to sign on as either head coach, or offensive coach. Yes, he's a great quarterback, but at this point, the few years we could have with him playing aren't worth ignoring long term goals. For long term, he'd better serve the team (and probably himself) by coaching and grooming less experienced players.
b) Drafting Andrew Luck and grooming him, or trading for another young QB that can be groomed (see "a" above).
c) Making sure there is a focus on returning the offensive line to its former high performance it exhibited during Manning's reign for the last decade. During that time, Manning had all the time he needed to complete plays; in 2011, the QB's were constantly under pressure. Fix it!
d) Drafting in or trading for defensive players that complement Mathis and Freeney. And, of course, do what it takes to retain Mathis and Freeney, as well as Pat Angerer.
e) Retain McAfee and Vinitieri, and give each a raise... they deserve it after carrying the team through the 2011 season without any scoreless games
These are pretty broad strategies, of course, but this is the direction I would go.