I really hope that's how it all went down. But I have a hard time believing it. It would be as hard for the Colts to tamper with that ball on the sidelines as it would be for us (in other words, virtually impossible). I think it could be just that ball was out in the elements more, so was effected by the cold & rain more. That and perhaps measuring it might have "unintentionally" lowered the PSI a bit also (i.e.-intent couldn't be proved).
But if that's what did happen?! Oh man, that wouldn't be just trying to "embarrass Brady" as Esiason said. It would be a blatantly fraudulent scheme to distract the Pats in the Superbowl, cost the Patriots' draft picks and cost Belichick and/or Brady potentially suspensions and hundreds of thousands of dollars in fines. So I think in that case the penalties for the Colts and/or Ravens would be massive! Significantly worse than they would be if the Pats were found to have been at fault for the low PSI.