No one has any clue if money is the reason Garcon did not sign the offer made by the Colts. This is all based on assumptions and hear-say. Here are some other things we should consider that may have factored into Peter Waiter's decision:
1. The quarterback he has built an incredible chemistry with appears headed out the door. Manning and Garcon have spent hundreds if not thousands of hours working on routes, coverages, and schemes. Re-establising this with a new rookie quarterback is probably not to appealing especially considering the next 2 items.
2. The Colts suck. Remember those first 4 years Pierre? 4 playoff appearances, 2 Super Bowl appearances, and one league title. Those days are long gone. Even with Andrew Luck, the Colts will most likely not see the playoffs for 2-3 years. Getting back to where the Colts were even 2 years ago, will take probably at least 4 or 5 years. Why would he want to wait around for a team that's clearly in rebuilding mode especially when...
3. Pierre is finally in his prime. These are the prime years of Pierre's career. We saw what he could do when someone was able to throw the ball to him this year. All 6 of his touchdowns occurred in only 3 of the 16 games this year. 421 of his 947 yards came in those same 3 games. Anyone who watched this season realizes that this feast or famine realization was not because of 85's effort. It was because of lack of talent at QB. I am sad that we may never see what PG and PM would have looked like together when both are operating at full strength unless...
4. Garcon can ride Manning's coat-tails to the next team. Why wouldn't he wait to see what happens with Peyton? If Peyton goes to a team like the Redskins, he'll also need WR and the money will be there to sign a player like Garcon. Maybe Garcon has been working out with Peyton and knows the guy can throw. He sees the writing on the wall and knows the Colts are in rebuilding mode. Following Peyton to a more established team and settling back in to their old chemistry makes that team and instant consideration for a Super Bowl. If Garcon can find consistency with Peyton that he couldn't with 'the replacements' from 2011, maybe these guys could start re-writing the record books.
5. The Colts might as well be any other team to Garcon. He might as well wait for the open market. Not only is there a new coaching staff, there will appear to be a new Quarterback and offensive scheme. He might as well find a team that will have an established identity than try to become a part of an attempt to reestablish the Colts. There are so many good teams that need a quality WR. How different would the 49ers, Patriots, Rams, or Buccaneers look with Pierre Garcon catching passes? Give the Rams and Buccaneers are not very attractive options, he might consider himself the missing piece to making the Playoffs.
With the changes the Colts have made and are apparently about to make, they are no different than any other team. All the coaches and many of the players he was closest with will also be leaving. He might as well test the open market. There is not reason to give the Colts a home town discount. They only thing that will feel comfortable and like coming back home will be the colors on his jersey and the set up of the stadium If I were Pierre, I would be trying to hold out and find a winner to sign with. In fact I would make the Colts pay more for my services with the way they've changed the franchise I'd grown accustomed to.
These are the problems with massive change. Your quality FAs have not reason to stick around. I hope Pierre find a good home with continued success whether he ends up with the Colts or anyone else.