The Colts are surely not the same dominant team that they have been the last few years entering the playoffs, but they still are very good. Keep in mind that when the Colts won the Super Bowl in the 2006-07 season, they were the three-seed.
Yes, their defense has been bad this year, but the last few weeks they have done great stopping the run against guys like Chris Johnson and Darren McFadden, which has been their Achilles heel defensively in the past.
As far as the offensive running game, which has also been an issue in the past, they seem to have built up somewhat of a three-man attack with Joseph Addai, Donald Brown and Dominic Rhodes. If they continue to run the ball well they could be very scary.
The biggest reason the Colts are contenders is still because of No. 18. If Peyton Manning is at quarterback, you can never count this team out.
The Colts have been here before and have the experience, and have a good shot to win the AFC once again.