I would say that comparison is more suited to Peyton when he was a Colt. Obviously the Colts are not a good team, or else they wouldn't have had the right to select Luck in the draft. But had they finished with the No. 2 pick I don't think they would have dumped their entire roster and rebuilt with Robert Griffin III.
The great thing about being a Colts fan right now apart from the obvious great future we have at the QB position is that the Manning money comes off the books after this year. So if any big name free agents are available on defense, we have money to spend on that. I don't think we would have hired Pagano from Baltimore to be our head coach if we didn't want to be a defense-first team. As much as I am accustomed to the Colts scoring points instead of preventing them, I'd rather have a team that hangs its hat on defense whilst having Luck at QB than have Luck be the second coming of Peyton and the defense be a question mark for his entire career.
I think the big thing in Indy right now is not repeating the mistakes we made with Manning and actually build a complete team, not one that falls apart without the QB. If they spend any money on offensive free agent, it had better be on top shelf offensive linemen. I am sick and tired of the Colts not being able to run the ball. It's a passing league, but you can't put your QB in 3rd and 9 all day. That's what happened yesterday. And you're right about the preseason not being a good measuring stick. But yesterday the Colts showed that they can't run the ball and can't afford to make a single mistake on offense or else they're punting. On a team that's set to field at least 10 rookies this year, that's not good. This year is the honeymoon year for everyone new to the franchise. My expectations are higher because I smell blood in the water in a weak AFC South. I'm not saying playoffs, but 3-3 in the division is a fair expectation. They need two household name corners and an elite safety on defense before you can say they are a contender.