$20+ million for a guy one throw from a career ender is not a wise move. You have to move on. If he had restructured, then sure... you do it and draft Luck and if he doesn't work then you cut him and start your rookie, but Luck was about as ready to play as anybody, so no sense in messing around with it.
I've had that neck surgery. It's brutal. I've had 2 for the same things he has had 4 surgeries for. He's a battler, but what he has is the same thing that ended Mack Strong's career. It's very risky. He is bolted up tight (just like me) and isn't in danger of paralysis more than anybody else. But your arm does get tired. I saw him REALLY pushing hard on some of those sideline routes tonight.
I know I'm no Peyton, but I could throw further after my surgery than before. Those bones are small, and you don't lose a ton of motion. The one thing I noticed (and believe me... I threw a lot, probably a hundred balls a day which is a lot for a layman). I had better distance and little discomfort (where before I could barely lift my arms). But I realized that I got tired a bit quicker and started to lose velocity and distance and really had to adjust. Then the next day was an SOB because it hurt so incredibly bad. Then 2 days later... you're fine again and off you go. So I know that he will be able to continue to play. If I with all of my malladies can still throw a ball then you better believe the best-armed QB of this generation will be fine, but the Colts had to move forward and rightfully so. I see it as very similar to the situation in Green Bay with Favre. It was just time to move on.