I don't necessarily agree with that, it's a historical issue and more so geographic than anything else.
You can see in this media age how ex players carve out newer and newer possibilities for themselves after their career and Indy simply isn't that location.
Simply put Indy has never been attractive enough as an athletic location, not even w Manning or Luck, you need to have a certain type of character and that's exactly what Ballard has been aiming at ever since he took over. I believe he understood from the beginning that the Colts need to overpay to attract players elite or average(like Funchess) and its better to self develop and add if an opportunities arises but it is rare.
Anyway, that's my view on it.