Right now, the Colts are on the downswing and may be in salary cap hell for years to come.
We can debate the "downswing" (their defense arguably hasn't been better), but why the "salary cap hell for years to come"?
2009 is the height of Manning's cap hit. Dallas Clark's hit drops from from almost $14 mil this year to just over $6 next year. Marvin Harrison has been cut. Corey Simon's $6 mil a year cap hit (dead money, anyone?) has finally come off the books.
In fact, the only guy who's going to be a significantly larger cap burden going forward is Dwight Freeney, who I'm guessing will be forced to restructure or leave after the 2010 season (if not a year earlier).
Sure, there are going to be some rising stars that will require payment in order for the Colts to keep them, but that's the norm for any team.
Certainly, I don't see anything that would indicate the Colts being in WORSE cap shape in the future than they are today - quite the opposite.
http://www.coltscap.net/futures.php