As someone else pointed out, this is a league-wide problem. Yes, games are still being aired and are officially deemed "sold-out" but actual in-stadium attendance is not full.
I believe this is for a few different reasons:
1. Lack of QB Star Effect: This season so far been made out to be the year of the backup quarterback. Between Luck's retirement and a slew of injuries to other marque quarterbacks, the enthusiasm for many casual fans just isn't as strong as it with having these players in the lineup. As such, fans don't feel as motivated to go to games if these star players aren't playing.
2. Cost of Attendance: Going to NFL games can be quite expensive for the average attendee. Between the cost of tickets, food and drinks and parking and other associated costs, many people simply can't afford to go. And with these prices steadily rising each and every year, this isn't something that appears to be changing any time soon.
3. Burnout: Games are played 3 days a week, social media is constantly digesting and discussing the game and 24/7 sports television make it to where the coverage and analysis never fully stops. Many fans don't have a chance to "miss" the game, even in the offseason which leads to fan exhaustion.
I also believe that many people have been turned away for political reasons as well as broadening awareness of the physical effects of the game, especially in youth.
A lot of fans are high on him for nostalgic reasons, but he’s shown to have leadership skills in the dugout. He was everybody’s friend, but was not afraid to get in guys faces and be blunt when things were going wrong. Does he have what it takes to be a manager? Only time will tell I guess, although there are some successful managers in the MLB that have little experience.
Then Smith becomes the “weak link”. With that said I expect the Colts to use that money to start signing guys like AC and TY. Ballard just doesn’t go after big name free agents and they just extended Glow last year so I think he’s the guy baring injury for the time being.