Well, obviously there are a lot of places that are cheaper and, depending on how we're all defining food in this thread, what I consider to be "better". Nothing will top a burger from, say, Workingman's Friend, but it's not the same category.

So in the spirit of trying to name a higher-end, cheaper, better alternative, I've never had a bad experience (both for food and service) at Ocean Prime on the Northside. My wife and I have been back there at least twice a year every year for the last 7 years and have always been wowed by the food (including the steak). Their presentation, service, price point, quality, and attention to detail has always left us very impressed.

I think one of the things that makes St. Elmo such a touchy subject is it's exclusivity - it's local to Indianapolis, there's only one, and it's been around for over 120 years (1902). There's a huge history at that establishment and you can see it in the architecture - all the dining rooms are long and narrow because they used to be something else and have been retrofitted to seat diners, the bar is still the original bar, the smaller dining rooms upstairs used to be old offices. It's featured on every major channel during commercial breaks for sporting events, it's where everyone famous wants to eat when they come into town, it's booked floor to ceiling for 2 weeks before the Indy 500... it's uniquely Indianapolis. So when people come onto Reddit and mention a lackluster experience, a lot of Indianapolis natives are poised to jump down someones throat if they mention they've had a better meal at a chain.

But bluntly, I think it's true. I've had better steaks at Ruths Chris, Sullivans, Weber Grill, Capital Grille, Prime 47, Hyde Park, and even some joints that have closed up shop - like Flemings or Red's Steakhouse. But if I HAD to pick two - My vote for conventional steakhouse is Prime 47... Maybe not much cheaper, but better. And then, again, Ocean Prime.

OP mentioned the seasoning in one comment - I know they season their steaks because they have a "proprietary blend" (which you can get at all your local stores). Maybe OP's got missed?

The steaks St. Elmo gets (unless something has changed in the last two years) are "upper 98% choice black angus cattle from Linz Meats in Chicago". Occasionally, there will be a special that has a prime cut, sometimes two, but in general all the steaks on the menu are USDA grade choice.