There is still a chance. A small one, sure, but still...a chance, even after a bad loss to the San Francisco 49ers in Week 16. The Indianapolis Colts, a team once 7-1 and on top of the AFC, have a very real opportunity to finish 8-9 and miss the playoffs again. It has been a decade since the team won the AFC South.
Should lots of things go correctly with two games left, though, Indy could make the playoffs. The situation is somewhat simple on the surface. The Colts have to win their final two games, while the Houston Texans and Jacksonville Jaguars need to lose their final two.
The positive part of that is that Indy plays Houston and Jacksonville, so Indianapolis could help take care of the business needed to get them to the postseason. Houston also has to play the Los Angeles Chargers in Week 17, and LA is pretty good.
Indianapolis Colts still have a slim chance of making the playoffs
Besides the Colts, the Jaguars get to play the Tennessee Titans. Tennessee plays the New Orleans Saints in Week 17, and should they win that (and they have a good chance), then the Titans would have won three of four entering the matchup with the Jags. Tennessee is building a little momentum.
Should the Colts win their last two games and the Jaguars and Texans lose both of theirs, a playoff spot would come down to tie-breakers, such as strength of victory. Jacksonville has already clinched a playoff spot, but its strength of victory could allow Indianapolis to jump Houston for the final spot, partly because Houston defeated Jacksonville once this season.
Is it unlikely that quarterback Philip Rivers and his mates make the playoffs? Absolutely. They currently have about a two percent chance of being in the postseason, but the Indianapolis Colts are not yet completely out of the playoff picture.
Realistically, the Colts, who have lost five straight (and six of seven games), will probably lose to Houston and Jacksonville. If Houston beats the Chargers, Indy will be done before Indianapolis plays the Texans in Week 18. Chances are that the final game will be meaningless, but there's still hope for now.