The main issue as I see it is Ballard seems to be doing everything very safe and conservative. He doesn't want to tank and yet he also doesn't seem to want to go "all chips in".
And that approach gets you 7-9, 8-8, 9-7 or the occasional 10-6. And what good does that do?
The only two times in the past 20 years that the Colts TRULY became elite is after one thing happened. We sucked/tanked for a year and got the #1 pick and were able to draft Manning and Luck,. It was game changing.
Now? We are in year 5 of the Ballard era and we just signed an aging vet QB who is on the decline to run the team for the next 2 years. In the loaded AFC? That is good enough to compete but you aren't winning a SB with Matt Ryan.
So why do it? It isn't game changing or at least attempting to game change.
Instead Ballard seems to just want to play it by the book. No big moves. No risks. No big FA's. No salary cap maneuvering. Just low level stuff that gets you....8-8. And while that may be enough to keep most of the seats filled for the home games every Sunday....it sure as heck is not going to win you a Championship.