This is the first bold decision of the Colts' offseason for Irsay, who is determined to get his franchise back among the AFC elite after they finished 2-14 this season, with star quarterback Peyton Manning missing the entire year recovering from surgery.
Irsay will look back on this move and realize he has made a mistake. Bill Polian did a fine job of building the Colts into yearly Super Bowl contenders.
If Manning had played this season, the Colts would have had a tremendous chance of winning the AFC South division, which was won by the Houston Texans with just 10 wins.
Head coach Jim Caldwell's future with the team has not been decided yet. Many people believe Caldwell should be fired too, but to be without a quarterback that means so much to a team as Peyton Manning for an entire season is a challenge few, if any coaches, could overcome.
The Colts are built around Manning, and they have surrounded him with players through the draft and free agency who will help the team be successful in the passing game.
Four of the Colts last five first-round picks were offensive players. Polian knows how to draft well, and some of his notable first-round draft picks include Reggie Wayne, Dallas Clark and Joseph Addai.
He also found great value in the later rounds with second-rounder Bob Sanders and fifth-round gem Robert Mathis.
Polian has a tremendous reputation as an executive that can build a winner, and Irsay has acted too soon after his team's disappointing season. He should have taken a few weeks to really think this decision through from every angle.
Irsay has overreacted here and the changes he has made could make the Colts worse off now and in the future.
If I am an NFL owner that wants to turn my franchise around quickly, I make a call to Bill Polian and see if he's interested in joining my team.