Andrew Brandt makes a great point regarding Andrew Luck: if you'd spend any money on Kerry Collins then Andrew Luck is definitely worth the rookie dough he'll make regardless of the Colts' plans.
Peyton Manning has a $28 million option bonus due in February and a $7 million salary in 2012. Whether the Colts exercise, renegotiate, or delay payments of that option is an interesting debate for another column. Whatever their decision, they should select Luck. Yes, there will be a disproportionate amount of money at quarterback but it will not be much different than this year, as the Colts paid $4 million to Kerry Collins as an insurance policy. And unlike Luck, Collins had no upside.