Indianapolis Colts Week 3 Stock Report

If we thought the Indianapolis Colts' stock was slipping last week, it's in a full-on crash this week.

The Colts lost their home opener in an even more depressing display on Monday night, falling 20-7 to the visiting New York Jets.

Losing on the road to the Buffalo Bills was one thing, but losing at home in a game where the offense looked even worse is another. The Colts defense has been surprisingly up to the task in these first two games, but the offense continues to falter.

Fans and media in Indianapolis are getting restless, and rightfully so, but it's not the end of the world just yet. The Colts have time to fix things, but it will have to start quickly, as the team travels to Tennessee on Sunday.

In the meantime, which individuals have seen their play climb, and which have been a part of the team's slide?

Down: Andrew Luck

AJ Mast/Associated Press

The biggest reason the Colts have struggled over the last two weeks is also the team's best hope for a potential postseason run. 

Andrew Luck.

The Colts' franchise quarterback was touted as a potential MVP candidate throughout the offseason, but he's looked terrible through the first two weeks of the season.

Luck currently has the worst passer rating in the league at 58.9, nearly eight points below the next on the list, Ryan Mallett.

Now, the Colts have played two good defensive teams that were particularly bad matchups for their offensive style, which has been a big reason why the offense has failed. They also aren't getting particularly helpful play from the receivers or offensive line, and the lack of adaptation by the coaching staff has stood out.

But even with all of those factors, Luck shouldn't be playing like the worst quarterback in the league, not if he's an MVP candidate. The Colts' only shot at a real postseason run will be if Luck, with all of his new weapons, plays like an MVP-caliber quarterback. Right now, he's not.

Up: Donte Moncrief

Andy Lyons/Getty Images

If the Colts had one bright spot on a drowning offense over the last two weeks, it was second-year receiver Donte Moncrief.

Moncrief had a strong year in his rookie season, though he should have been playing more over guys like Hakeem Nicks and even Reggie Wayne later in the year. But after the Colts added Andre Johnson and Phillip Dorsett, Moncrief was the forgotten one of their receiving corps.

After beating out Dorsett in camp for the No. 3 job, Moncrief has led the Colts in receiving through two weeks, breaking out for eight catches for 122 yards and a touchdown against the Jets on Monday night. Not only was Moncrief productive, but he passed the eye test as well. Moncrief's routes look much sharper this season, and he caught an impressive back-shoulder pass from Andrew Luck on third down against the Jets. 

T.Y. Hilton will still be the Colts' top receiver when healthy, but Moncrief should see more repetitions over Andre Johnson sooner rather than later. 

Down: The Secondary

Darron Cummings/Associated Press

The Colts secondary was already questionable to start the season, with Greg Toler injuring his neck in the preseason and third-round rookie D'Joun Smith failing to step up.

But in Week 1, Smith and nickel cornerback Darius Butler both suffered injuries. Smith suffered a knee injury that has him on the injured reserve/designated to return list. He could return after eight weeks, but not before then. Butler's hip has him day-to-day, but his effectiveness once he returns will be questionable.

The secondary suffered an even bigger blow on Monday, however, as Vontae Davis left the game with a concussion. There is hope that Davis will return against the Titans, but concussions are tricky.

The good news is that both Davis and Toler practiced (limited) on Wednesday, according to Colts.com. Butler still is out, however, and the Colts' depth at the position is severely lacking.

If both Davis and Toler come back on Sunday, it will be a big step, but somebody still has to cover Kendall Wright over the middle.

Up: Henry Anderson

Tom Szczerbowski/Getty Images

Fortunately, the defense does have a few bright spots, namely rookie Henry Anderson. Anderson was extremely productive for Stanford last season, and there was hope that he could be a steal of the draft in the third round. 

Through two weeks, it's certainly looking like it.

Anderson has routinely been in backfields for the Colts, the only defensive lineman on the team who regularly gets penetration. He's been especially productive against the run, with the best run-stop percentage of any defensive lineman in the league, according to Pro Football Focus.

"

Through 2 weeks, Colts' Henry Anderson leads ALL Defensive Linemen with 12 tackles, and is tied for 2nd with 11 Stops (numbers via @PFF).

— My Colts Account (@MyColtsAccount) September 23, 2015"

We're beginning to see why the Colts were fine with letting guys like Josh Chapman and Montori Hughes be cut. Anderson and fellow rookie David Parry have been stout in the middle of the defense, helping keep the Bills' and Jets' run games stagnant.

Anderson will need to pick up his pass rush before he's considered for honors like Rookie of the Year, but he's been so impressive thus far that it wouldn't surprise if he was a contender for the award at the end of the season.

Down: Chuck Pagano

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Two consecutive games where the Colts came out stagnant. Two games where the game-planning was suspect or, in the offense's case, nonexistent. Two games where the Colts were sloppy and undisciplined, whether it be via penalties, poor execution or mental mistakes.

All of that reflects poorly on the head coach.

The Colts have routinely fallen flat in big games; that's been a mark of the Chuck Pagano era.

But big games could be explained away by the talent on the roster, as the Colts have had a talent deficiency. Those who want to blame general manager Ryan Grigson could do so, while those who wanted to blame Pagano for continuing to get outcoached could carry that torch.

It's hard to blame Grigson for these consecutive losses, however. The Colts certainly have the talent to beat the Bills and Jets and had all offseason to prepare for the blitz-heavy defenses of both teams. The Colts simply haven't looked prepared, whether it be schematic or executional.

Pagano is still the head coach despite his alleged rift with Grigson, as reported by Stephen Holder of the Indianapolis Star. But if the Colts keep tripping up like this, he may not be for long.