The Colts have big ones to ask for Waddle. there's not a GM in this league that would make that trade, unless it was Waddle for Taylor + picks.
3 years of Waddle for 13 games (maybe) of Taylor means the picks would have to be their next 5 1st Rounders for it to be reasonable.
EDIT: Since this is being confirmed by many outlets, it appears that Irsay has fallen back on his painkiller addiction. There is no other reasonable answer for why he asked for 3 years of Waddle PLUS MORE in exchange for 13 games of a running back. Let us now pray for Jim Irsay's recovery.