The two teams square off in the NFL Divisional round on Saturday night.
The winner will go on to face either the New England Patriots or the Los Angeles Chargers in the AFC Championship game.
Saturday’s game has added significance, however, according to Cowherd, as he believes the winning quarterback out of the Colts and the Chiefs will be named MVP.
Patrick Mahomes, the Chiefs quarterback, is currently one of the favourites to be given the award, after a standout breakthrough year.
Mahomes has led the Chiefs to the Play-Offs in style, and has scored 50 touchdowns so far with only 12 interceptions thrown.
He faces stiff competition from Colts quarterback Andrew Luck, who has thrown 39 touchdowns and 15 interceptions this year.
At only 23 years-old, Mahomes would be the youngest winner of the award since Dan Marino in 1984.
And Cowherd revealed that he likes the Chiefs star’s chances.
Speaking on his ‘The Herd’ show, the pundit explained that the debate will be finished after this weekend.
“Colts vs Chiefs is the battle for the MVP,” he said.
“Let’s make a deal, whoever wins this game is the MVP of the league.
“So if Mahomes beats Andrew Luck, I’ll wave the white flag and give it to Mahomes.
“If Luck beats Mahomes, then he’s the MVP.
“If Andrew Luck goes into Kansas City and wins, [it’ll be very impressive].
“That’s not the way I see it. [on whether the MVP is a regular season award].”
New Orleans Saints quarterback Drew Brees is the overriding favourite to claim the award for the first time.
He was named Super Bowl MVP in 2010, as he led the Saints to a 31-17 win over the Colts.