TheAngelsColts with the pick (and an assist from Stampede Blue contributor shake n bake)...
The Colts have two Pro Bowl caliber ends, but both are nearing 30 and a situational role is best for Robert Mathis as his 245lb frame doesn't lend itself to great run D and his most successful pass rushing seasons have come when he wasn't asked to play likely running downs (he started less than 3 games in all 3 of his double digit sack seasons and both of his Pro Bowl seasons came after the Colts reduced his role back to situational duty).
The Colts will select...
Michigan DE Brandon Graham
Graham is fantastic value, a strong enough player to hold down that LE spot for Mathis when rushing the passer isn't the main concern, Graham can fill the hole left by Raheem Brock (the D-lineman to see the most snaps for the Colts last year) being released.
Graham is also a very good pass rusher making him a excellent backup, spell player and successor to the Colts current ends. The Colts D is hugely reliant on pass rush from the defensive ends and the effects of injury on Mathis and Freeney were clear last year. A end of Graham's abilities behind Freeney and Mathis allows the Colts defense to hold up without one of the Pro Bowl ends.
Graham's college production was eye-popping with very nearly 1 sack and 2 tackles for a loss per game the last two years. He excelled against top competition in the Big Ten including a thorough undressing of top prospect Bryan Bulaga this past year (though Bulaga had played just two games at that point sandwiching a 3 week absence from the lineup due to the thyroid infection). Graham is a phenomenal meeting of value, instant impact and future potential. Brian Price was a player considered here, but defensive end is a far more vital piece of the Colts defense and the rotation used by the Colts at DE will let Graham see about as much time as Price would have in the DT rotation at a more premium position.