The Colts were favored but it is (and not just with the benefit of hindsight) a bit curious that they were. The Saints, a late season swoon aside, was known as both an offensive and defensive (if somewhat inconsistently at times) powerhouse. The Colts had lots of close games and 4Q comebacks, their defense shining more than previous years, so was actually less of an offensive powerhouse. The latter might suggest that it seemed destined that the score would be 24 all around the Two Minute Warning.
But, Peyton Manning aside (and Drew Brees is not chopped liver), was the Colts really better? The other difference was that the Colts had more playoff experience, though the same might not be said about the Head Coach. This had some bite and might have justified the nod their way, but perhaps one might suggest that offensive/defense combo (both that took a bit of time to click), one that showed up here, would have balanced that out. And, the lead players here also are veterans. It was unclear if they would not be able to handle the big stage. I think the game could have gone either way.
The Saints benefited from some risks, particularly the exciting (and truly novel -- it never happened before in the Super Bowl) onside kick retrieval. It is to be noted that neither was a sure thing, even with the skill of the team. They after all were stopped at the goal line and had to stop the Colts on third and short. It took seemingly forever to determine who retrieved the onside kick. And, a touchdown afterward was in no way guaranteed. It is striking that after a 10 point start, 31 of 38 of the following points went to the Saints. A lesser team might not have advisably went the same route in certain cases.
As to the Colts, they seemed overwhelmed by the Saints passing attack and so forth. Drew Brees definitely was the MVP. The onside kick clearly surprised them and the quick strike there was key. Before the turnover, it was a relatively low scoring game, especially early, and keeping the Colts off the field worked once again. The long field goal attempt with their old kicker was ill advised. They were ahead then and it was a bad gamble that might have meant around third yards of field position unless there was a good punt return.
OTOH, the Saints kicker was great, kicking key long range field goals that kept them close throughout. The pick obviously about iced the game though the Colts at first quickly went down the field, helped by a Saints timeout. But, the Saints slammed the door, no onside kick attempt allowed, though it seemed destined to occur. Again, except for a key response to their onside kick points, the Saints slammed shut the Colts offense when it mattered. The turnover shut down a more exciting finish but overall it was a fun game, quick going with some high points. The sentimental favorites also won though not really a true "underdog."
The non-game stuff, not so good, though the national anthem was sung nicely enough.*
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* The chicken ad was a bit clever, especially, President Chicken, but somewhat in bad taste.
The Leno/Winfrey/Letterman ad was strange, particularly since it was apparently Letterman's idea. His recent anti-Leno material suggested some degree of vitriol. And, in the end, the ad might facially be for Letterman's show, but it also promotes his soon to be competitor, Leno. It had an overall uncomfortable vibe to it though suggests Letterman's twisted sense of humor.