He has a very high ceiling, but is still pretty raw. Not a polished route runner because of the way he was used, but he's tremendous with the ball in his hands. His stats (decrease from last year) are more about Tony Brown coming on, than Shenault regressing.
All that said, the Colts don't need another project or tweener. If he had more experience vs the press, I'd be open to him at X, right now he just looks like an unpolished multi-use tool that could flame out if he struggles to refine his route running.