Betting on favorites is a safe strategy but doing so will not result in you winning much. However, taking a chance on someone with longer odds requires coming to grips with the good possibility you will never see your money again. At the same time, with great risk comes great reward.

But what if there was an opportunity for great reward without having to take the subsequent risk? Then consider putting money down on the Indianapolis Colts to win the Super Bowl next year.

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With +1600 odds at Bovada, the payoff would be pretty nice– assuming they do manage to win it all, of course. As they are currently constructed, the Colts will likely be competitive next year, but it is hard to say that they will win it all.

They appear to have figured out why they started the season off so poorly last year (1-5) and certainly finished on a high note (9-1). Against the Texans in the wild-card round, they looked dominant, and they didn’t look bad against the Kansas City Chiefs. But they did look outgunned.

With dominant teams like the Chiefs and Patriots expected to do well again next year, the odds for good (but not great) teams like the Colts will be precisely what they are.

So—why should you risk your hard-earned money on a team that is good, but not great?

The answer to that is easy—because, between their draft picks and the $100+ million they have to spend in free agency this offseason, there is an excellent chance they could acquire the pieces they need to become great.

Colts general manager, during his short tenure, has done well in the draft. But to become a great team and a real contender, they will need to delve into free agency. Traditionally, that is not something the Colts like to do much of. But the collective bargaining agreement does require teams to use the majority of the salary cap.

Since they do not have a lot of guys in need of new, big-money contracts, they almost have no choice but to give free agency some serious consideration.

Offensively, they are in good shape although it wouldn’t hurt to acquire a better No 2 wide receiver than the guys they have. Once Marlon Mack was healthy, he ran well, but many have speculated that the Colts would be a great landing spot for Le’Veon Bell. His talent is undeniable, and the Colts are one of the few teams that can afford his contract.

But they could really use some upgrades on the defensive side of the ball, namely on the defensive front and in the secondary. With names like Ezekiel Ansah, Ndamukong Suh, and Malik Jackson out there along with LaMarcus Joyner and Landon Collins, they could acquire some excellent players once free agency starts.

Will the Colts become a great team if they do? That remains to be seen, but they will be a better team whose odds are going to be shorter than they currently are.

Don’t ‘get em while they are hot;’ get them before they are hot—and win more money in the end.