If you were a Colts fan, would you trade a 0-16 season in 2011 (a season you presumably already know is lost anyway, whether it's 0-16 or 4-12 or even 8-8) in exchange for locking in Andrew Luck as your franchise QB from, say, 2014-2025 and beyond?
It strikes me that the Colts are in a uniquely luxurious position to make chicken salad out of chicken s--t: If the fans (and almost certainly the players and absolutely positively the execs) know the season is down the drain anyway, you can think about the long-term in a way that other would-be Luck tankers can't.
Who cares if you go 0-16 in 2011 if you're going to win between 11 and 14 games a year for the next decade and a half, precisely because you were bold enough to recognize that a single season -- when you were going to suck anyway -- is worth sacrificing for 10 subsequent seasons of success.
UPDATE: Via a leading Colts blog, apparently there's a "#suckforluck" hashtag on Twitter. I fully support that there's a part of the fan base on board with the strategy.