The playoff odds report plays out the season 10,000 times. A random draw assigns each team a win or loss for each game. The probability that a team will be given a win is based on an equation which considers the current WEIGHTED DVOA ratings of the two teams as well as home-field advantage. (DVOA ratings are explained here. WEIGHTED DVOA ratings are adjusted based on which teams sat starters in Week 17.)
Note: These will be different from the odds posted in the premium section, as they use a simpler formula.
New Orleans: 52.2%
Indianapolis: 47.8%