Correct, if Wentz plays like an average NFL starter, the contract isn't bad for the Colts. I think that he is probably in that middle range as the stuff he did well in 2017 to make that season an MVP like season (3rd down conv rate, red zone TD %) was historically high and unsustainable. The stuff that Wentz was horrible with this year, mechanics, fumbling, not reading the open receivers should be correctable with good coaching from Reich. Now Wentz has to accept that coaching, all reports out of Philly last season indicate he was resistant to it.
The contract was horrible for the Eagles though since they'll take a record dead money cap hit this year,
https://overthecap.com/the-biggest-dead-money-cap-charges-of-all-time/ .
But since they are rebuilding anyway and the contract will be off the books in 22 it is what it is for them.
I don't love the compensation, but I don't mind it. The Eagles screwed themselves with a bunch of gambles that didn't go their way and every one knew they had to trade him so getting a potential #1 is good, but they should have never been in this position in the 1st place.