Trade back from No. 44
Of all the scenarios, this is the most likely outcome. Ballard loves to move around in the second round, trading back and adding Day 3 picks. It has been his M.O. since taking over the general manager role for the Colts in 2017. A betting man would place his money on Ballard moving back from this spot even if it is a few spots back.
As a hypothetical, because there are so many options, the Colts could be looking at a trade partner like the Jets. They already have a strong relationship in making deals and even more so with Rex Hogan as a top front office official. The Colts might be able to swing a deal trading the No. 44 pick to the Jets for the Nos. 48 and 120. This is the exact type of deal Ballard has made a few times over the last three drafts.
There are other potential suitors for the No. 44 pick but the idea is that they can move back a few spots while adding a fourth or fifth-round pick in the process.