The Simple and correct answer here Is NO.
Depending on how much you look at or go by the teams statistics.
For the most part, the Saints Did have better overall stats than the Colts,
But the Favorite to Win Was the Colts.
The better "Perceived" team Doesn't always win,
(Super Bowl or any game for that matter)
We Must keep in mind, A team that seemingly has the better/best player(s)
ISN'T the "Whole" team.
Many NFL fans (including myself) thought the Minnesota Vikings
were better than the New Orleans Saints,
but the Saints Was the Better Team That day in the NFC Championship.
(for whatever reasons)
We Always like to say (out of good sportsmanship), that "The Better team won"
when in fact, the better team "THAT DAY" Won.
Super Bowl 44 was a good close game up to that 4th qtr interception,
and looked like Maybe the 1st O.T. in a Super Bowl might happen.
(if the Colts Tied the game instead of the "Pic for six" happened)
Manning making a bad decision with his pass cost him and the colts another SB win,
we'll Never know What Might have went on to happen If the
"Pic for six" never happened.
You are Right in believing that the Saints were number 2, hell,..maybe even number 3.