As the Super Bowl will be hitting Indianapolis in February, 2012, I decided I wanted a better logo than the corporate-tastic silver blob the NFL is proposing.
#1, based on the flag of Indianapolis:

#2, reminiscent of the "Wing and Wheel" logo of the Indianapolis Motor Speedway with some racing flag colors:

#3, subliminally reflects the logo of the host team, the Indianapolis Colts:

As the title of this post says, a better idea (or three).