Haven't been involved in the conversation but my take is somewhere in between.
Colvin has shown himself to be a good three-point shooter but gives Purdue little else. Neither statistically or the intangibles that folks like to refer to on this board. He doesn't use his athleticism in any meaningful way. No rebounds, steals, assists. At this point he doesn't get to the basket, run the floor or play defense. At this point I don't think he's a difference maker.
However, what is confusing to me is if he's part of Painter's longer-term plans, why doesn't Painter do more to keep him happy. For example, even in the first half did anyone really think that Michigan was going to come back on us when we were up 20 at home. The game had the feel of an early season nonconference game. At that point why not give Colvin 4 or 5 minutes, if for nothing else than to keep him happy. It's also confusing to me why Painter in blowouts give all the walk on minutes (we have a lot of walk-ons). Last game they came in with 3 or 4 minutes left. Why not give those minutes to guys like Colvin, Furst, Heide, Berg and Waddell. It's not our fault our 8,9,10, 11 and 12 men are better than Michigan's starters.