The NFL tie-breakers are based on three or so other factors PRIOR to looking at strength of victory. It's a little easier to break ties within the division as you go straight to divisional record for the first tie-breaker. In the case of the Ravens/Colts as it stands right now the tie-breaker would be as follows:
1. Head-to-head, if applicable.
2. Best won-lost-tied percentage in games played within the conference.
3. Best won-lost-tied percentage in common games, minimum of four.
4. Strength of victory.<!--Best net points in division games.Best average net points in conference games.-->
5. Strength of schedule.
6. Best combined ranking among conference teams in points scored and points allowed.
7. Best combined ranking among all teams in points scored and points allowed.
8. Best net points in conference games.
9. Best net points in all games.
10. Best net touchdowns in all games.
11. Coin toss.
In this case, CONFERENCE record would be the factor the separates the two. Both teams are equal with 2 losses in the AFC right now but both teams remaining three games are AGAINST AFC CONFERENCE OPPS. I think when it's all said and done the last 9 or 10 factors on this list won't matter. It will come down to conference wins and the Colts have a slight edge with the remaining schedule.