If Manning comes back, I don't see a need to draft Andrew Luck or any other QB this year. I think next year is the time to spend a 1st round pick on Manning's replacement. Of course, if Manning doesn't come back, then draft Andrew Luck.
Trades I would make this year are: 1) Asante Samuel-He improves the secondary this year as well as gives the Colts a solid CB with speed and ball skills for a couple of years. Could also provide some leadership to the younger guys and groom any potential replacements. 2) Trade for Tedd Ginn-He solves the returner problem instantly and provides the Colts with some more speed on the offense. Lining him and Garcon up on the outsides opens up a huge hole in the middle of the field because both safeties would be forced to cheat over to prevent the big play. He would provide another big play potential the Colts are sorely lacking. 3) Yes that means trading away Reggie Wayne. Take the emotional equation out of it-----he is 33 years old and will demand a huge contract, those $$$$$ will be needed to strengthen other areas of the team. Cut Lacey and Muir ASAP. Samuel and Ginn will contribute a lot more in those roster spots.
For next season sign Ahtyba Rubin (DT)-he provides a big body in the middle to help out Mathis and Freeney. If money allows, sign Laron Landry to be the SS. If not, let Lefeged take over at that spot. Of course all of this should come with a new head coach.