INDIANAPOLIS -- Jim Irsay gained a reputation as one of the NFL's most prominent -- and eccentric -- owners during his decades presiding over the Indianapolis Colts.
But after his death last year, his daughters emerged from their dad's substantial shadow and began to develop identities of their own. Oldest daughter Carlie Irsay-Gordon -- the team's principal owner and the public face of the organization -- has only recently come into the national consciousness, largely for her habit of watching and charting games from the sideline while listening to coaches on a headset.
She has come to be known as an open-minded, ever-present owner who believes in learning the granular details of every aspect of the organization, from special teams to scouting.
But, with this week's decision to retain embattled general manager Chris Ballard and coach Shane Steichen after a collapse of historic proportions, Irsay-Gordon's short tenure might come to be defined by something else: Her big gambles.
The Colts finished 2025 with seven straight losses, raising expectations among the team's fan base that structural changes might be coming after a fifth consecutive season of missing the postseason.
Instead, Irsay-Gordon and her sisters, Casey Foyt and Kalen Jackson, are doubling down on their current leadership and the men's ability to "replicate" the magic the team briefly captured during it's fast start to the season that was derailed by crippling injuries. The Colts finished 8-9 and missed the playoffs, becoming the first team since the 1995 Raiders to miss the postseason after an 8-2 start.
"We experienced a lot of progress, which gives us optimism for the future and the direction we are heading as a team," Irsay-Gordon said.
Problem is, the bets the Colts are making could be considered risky given who they're betting on.
They're betting on Ballard, who has a losing record as a general manager despite consistently solid draft results and an ability to build competitive rosters. His failure to find a long-term answer at quarterback alone might have doomed him long ago in some organizations.
They're betting on Steichen, who is a highly respected offensive coach who has gotten a lot out of quarterbacks with limitations but hasn't found a way to get the Colts across the finish line in late-season games when the playoffs were at stake.
And they're betting on quarterback Daniel Jones, the centerpiece of Ballard and Steichen's 2026 plan despite his upcoming free agency in the spring and the ruptured Achilles tendon injury he will be rehabbing for months to come -- perhaps even into next season.
When it comes to Ballard in particular, Irsay-Gordon said she considered the entirety of his nine-year tenure, during which Ballard's teams have made the playoffs twice and won just a single postseason game. But Ballard's willingness to alter his approach to team-building last season serves as the basis for Irsay-Gordon's confidence that he can re-create the team that looked primed for a deep playoff run two months ago.
Ballard, Irsay-Gordon said, "was able to adapt and change the way as far as how he works on the roster and assembles the roster, and we believe that he is capable of replicating that next season."
Ballard used free agency much more aggressively last spring and executed a midseason trade for star cornerback Sauce Gardner that represents the boldest trade of his career as a GM. Irsay-Gordon seemed to support the approach and suggested she'd like it to continue. But that means green-lighting some high-stakes moves for an executive with a very mixed track record.
On Steichen, the questions center on why he wasn't able to squeeze more out of the Colts down the stretch. Granted, their top two quarterbacks were unavailable -- Jones and Anthony Richardson Sr. both finished the season on injured reserve. The Colts were also missing top cornerbacks Gardner and Charvarius Ward, as well as defensive tackle DeForest Buckner.
"Adversity struck," she said, "but no matter what the circumstances are, we have to be able to find a way to win and finish games."
Even so, Irsay-Gordon seems to be willing to bank on Steichen's ability to overcome this flaw next season.
And then there is endorsement of the plan to proceed with efforts to re-sign Jones and prepare for next season with an intention of him being the starting quarterback. Achilles injuries require lengthy rehabilitation, and players still can experience initial limitations in their mobility even after returning.
Jones also has a long injury history that must be taken into account if the Colts entertain a multiyear contract. There is some belief within the organization that Jones could be a long-term solution at quarterback for a team that has had different opening-day starters in eight of the past nine seasons.
"[Jones] knew he had something to prove and I think he did a great job," Irsay-Gordon said. She added, "we've had a drought [at quarterback] and we were able to really show that we're able to execute at a high level on the field. ... It was promising what he was able to do."
Is the quarterback plan flawed? Irsay-Gordon declined to comment on Jones' injury.
NFL ownership is a big job, and the Colts' new owner is making some big bets early in her tenure. How they play out will dictate how much success her team enjoys in 2026.