strictly speaking of first rounders, I'd say Indy did pretty well in recent years. Coryatt was a great pic, I woulda passed on steve e, and trev, but both were studs.
Look at their track record tho (remarkable streak of studs recently):
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Draft History</td> <td><script language="JavaScript"><!--// var dclkFeaturesponsor='http://ad.doubleclick.net/adj/sponsorships.nfl.com/fs/'+vTag+';'+vTarget+';'+uID+';sz=150x30;tile=5;ord='+random+'?'; if (switchDclk != 'off') { if (location.search.substring(1).indexOf('DCLK')>-1) document.write('<input type="text" value="'+dclkFeaturesponsor+'" style="width:150px">
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</td></tr> </tbody></table> <table border="0" cellpadding="2" cellspacing="1" width="100%"><tbody><tr class="bg0" align="left"><td class="bg0" colspan="4">First-Round Draft Picks -- Indianapolis</td></tr><tr class="bg1" align="left"><td>Year</td><td>Player</td><td>Pos.</td><td>School</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">2004</td><td align="left">No Pick</td><td align="left">--</td><td align="left">--</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">2003</td><td align="left">Dallas Clark</td><td align="left">TE</td><td align="left">Iowa</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">2002</td><td align="left">Dwight Freeney</td><td align="left">DE</td><td align="left">Syracuse</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">2001</td><td align="left">Reggie Wayne</td><td align="left">WR</td><td align="left">Miami (Fla.)</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">2000</td><td align="left">Rob Morris</td><td align="left">LB</td><td align="left">Brigham Young</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1999</td><td align="left">Edgerrin James</td><td align="left">RB</td><td align="left">Miami (Fla.)</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1998</td><td align="left">Peyton Manning</td><td align="left">QB</td><td align="left">Tennessee</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1997</td><td align="left">Tarik Glenn</td><td align="left">OT</td><td align="left">California</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1996</td><td align="left">Marvin Harrison</td><td align="left">WR</td><td align="left">Syracuse</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1995</td><td align="left">Ellis Johnson</td><td align="left">DT</td><td align="left">Florida</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1994</td><td align="left">Marshall Faulk</td><td align="left">RB</td><td align="left">San Diego State</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left"> </td><td align="left">Trev Alberts</td><td align="left">LB</td><td align="left">Nebraska</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1993</td><td align="left">Sean Dawkins</td><td align="left">WR</td><td align="left">California</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1992</td><td align="left">Steve Emtman</td><td align="left">DE</td><td align="left">Washington</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left"> </td><td align="left">Quentin Coryatt</td><td align="left">LB</td><td align="left">Texas A&M</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1991</td><td align="left">No Pick</td><td align="left">--</td><td align="left">--</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1990</td><td align="left">Jeff George</td><td align="left">QB</td><td align="left">Illinois</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1989</td><td align="left">Andre Rison</td><td align="left">WR</td><td align="left">Michigan State</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1988</td><td align="left">No Pick</td><td align="left">--</td><td align="left">--</td></tr><tr class="bg2" align="right" height="17" valign="middle"><td align="left">1987</td><td align="left">Cornelius Bennett</td><td align="left">LB</td><td align="left">Alabama</td></tr></tbody></table>