"Bob Sanders was awarded a five-year, $37.5 million deal with $20 million in guarantees after leading the Indianapolis Colts to the Super Bowl victory after the 2006 season.

Now, a year-and-a-half later, having played just 51 games in four-plus seasons, it's fair to wonder if the investment was worth it.

The good news is, Sanders has never missed a playoff game, although the safety clearly was diminished in those postseason losses to Pittsburgh and San Diego. The bad news is, he's going to get through this, his fifth season, falling significantly short of a full season.

That's a lot of money -- a lot of money -- for a part-time player. Nice gig if you can get it. And heading into this weekend's game against Cincinnati, Sanders once again said he is questionable as he recovers from a knee problem that has dogged him over the years.

Is Sanders worth it? Consider these shocking statistics:

During his four-plus seasons, the Colts are 39-12 with him in the lineup, a .765 winning percentage. (That includes playoff games.)

They are 25-8 without him in the lineup, a .758 winning percentage.

And if the Colts beat Cincinnati without him this weekend, and most of us expect that will happen, they will move to 26-8, and would have an absolutely identical winning percentage with and without.

This year, the Colts are 3-1 with Sanders and 5-3 without Sanders. More telling, the Colts have allowed an average of 321 yards per game on defense with Sanders in the lineup; they've allowed 322 without Sanders.

Negligible.

I asked coach Tony Dungy on Wednesday, is Sanders worth the major money the Colts invested in the reigning Defensive Player of the Year?

"Um, that's probably a question for (owner) Jim (Irsay),'' Dungy said. "I don't know how much he's been paid and how much Jim values that, but I think he can be a force. If we'd have paid him this much during the Super Bowl year, we would have said it was a good investment for the games he played, so yes, but it's not my money.''

If the Colts could somehow choreograph Sanders' playing time so that he shows up for the stretch drive and the playoffs, that would be enough to justify sustaining a long-term relationship. And so far, that has been the case, which is either a product of brilliant planning or dumb luck. But what happens if/when Sanders is hurt when late December and January roll around? How valuable is he if he can't help you get to the playoffs or make a Super Bowl run?

It's easy to understand why the Colts and their fans have fallen in love with the idea of Sanders in the defensive backfield, however rare that sight might be. The guy is a joy to watch play the game. He doesn't tackle people; he blows them up. He leaves little shards of opponents scattered all over the field.

His return to the team late in the 2006 season was accurately hailed as the primary reason for the defense's renaissance during the championship run.