That is two players out of 10 other players on the field with Manning. Their o-line and RBs are mediocre. Eventhough Austin Collie is having a great year, I think he would be average with another team that doesn't have Manning, Brady, or Brees (or maybe one or two other QBs).
I would rather have Brady than Manning, but I think Manning is the better QB. I know that sounds contradictory. The Colts would be 0-4 right now without Manning and probably would have been 5-11 last year.
As for philosophies, I disagree. The Colts spent two first round picks in recent years on RBs, but neither one is all that good. Even with two high paid DEs, the Colts spent a first round pick on another one (who is shaping up to be a disapointment so far although it is early). They paid Freeney, Sanders, and Mathis top dollar. I think the Colts have spent a lot to bolster their running game and defense, but they have failed many times. I think the Colts' drafting is way overrated because they have missed a lot with first and second rounders in recent years (Addai, Brown, Ugoh, Fili Moala, Anthony Gonzalez who started out strong and faded like Addai did, and Tim Jennings), but because Manning has carried the team they haven't gotten slammed like the Pats.