Irsay's behavior is symptomatic of his situation.
He's the owner and Lord Colt almighty - so noted
Then he needs to keep the cash flow happy - so noted
What would Mike Ditka or the Vikings trade for PM or the first pick?
The Colts can get cornered into being forced to take Luck with the first pick if PM leaves or can't play.
If PM stays a Colt and is shown to be in proper health, the first pick is nearly priceless.
I submit PM is fine and the Colts never wanted Luck.
They want what Luck can bring from a mega-trade.