According to Indianapolis Colts general manager Chris Ballard, while he could’ve traded up for the #1 overall spot earlier, he’s comfortable with the rookie quarterback class’s top depth early in the 2023 NFL Draft (via The Athletic’s Zak Keefer):
Chris Ballard on not trading up w/ Carolina for the 1st pick:— Zak Keefer (@zkeefer) March 27, 2023
"History kind of tells you when you when you do that, you better know what you're getting ... we weren't quite ready to do that. And we feel like there was enough depth in in the draft that we were gonna be OK."
Even though this statement indicates that the Colts may not have their sights exactly set on any specific top quarterback prospect—Alabama’s Bryce Young, Ohio State’s C.J. Stroud, Florida’s Anthony Richardson, and even perhaps Kentucky’s Will Levis likely among them, it does indicate that they’re confident they can land a franchise quarterback out of the group, even if no prospect is ‘head-and-shoulders’ above the rest. (Although yes, it’s also smokescreen season).
The Colts currently sit at the 4th overall pick (and while a trade to the #3 overall spot with the Arizona Cardinals cannot be ruled out as well), it does appear that at least two of the top quarterback prospects will already be gone by the time Indy’s clock starts early on draft night.
That must mean that Indianapolis is comfortable with the third option, and if they remain at #4, possibly even the fourth—if a QB needy suitor trades up with Arizona to jump them.
The point is though that the Colts still believe that they have serious options.