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It's way more complicated than that because this whole thing hinges on disequilibrium issues. What Belichick said, translated from his "I'm a genius at football but don't know anything about science" speak into my "I'm a professional scientist" speak, when the balls were first inflated to 12.5 PSI they weren't in equilibrium with the environment. That means we have no real idea what their equilibrium pressure should have been. We're similarly ignorant about the Colts' balls, because they've given us no information at all about their "break in" procedure. If their balls are in equilibrium when they're inflated, and they go higher into the range (closer to 13.5 PSI), then it wouldn't be surprising that they'd be WNL while they Pats' weren't.
This also comes up in further tests, because during halftime there certainly wasn't time for the balls to come into equilibrium with the locker room, especially because any testing likely happened quickly, since the refs need to get ready to actually officiate the game. (Also, to my point above, if the Pats' balls were tested first and the Colts' second, that could explain some of the difference there.) But after the game, who knows when the test occurred? If they brought the balls inside then waited two hours they'd be back into equilibrium and you'd never see anything.
There could also be storage issues. No one has said anything about how the balls are stored on the sidelines, but if the Colts load them into a storage box (or something) and keep them inside there and dry, they could be less sensitive to the environment. If the Patriots keep theirs outside and wet (not like in a pool, it was raining), they'd be more sensitive. This variable is completely unaccounted for. Oh, and also we know it was 50 degrees at kickoff, but it was colder at halftime and it was raining, my guess is that rain is typically colder than surface air temperatures since it originates higher in the atmosphere, and since the balls are wet that would potentially cool them down more (and, again, if the Colts keep theirs dry on the sidelines that could explain some difference).
No one has released a timeline that's anywhere near detailed enough for us to be able to say anything definitively. King's confidence in his conclusion there is just a testament to his ignorance about the actual science involved here, which is fair because, as I said earlier, even I was thrown off by this at first. If you think there's enough here to be suspicious, that's fine, but the information that is currently available is not significantly different from the null hypothesis here (the null being that there was no untoward behavior).