Ric,
I think you're right. However the dye is breaking down a little with visibility getting better and the bluegills seem to be feeding quicker when I throw in the pellets. Maybe since they are definite sight feeders this may be the reason. Or it simply may mean they are through with spawning and are focused on feeding again.
I may consider attempting an algae bloom next year with a grass carp or two. If it's going to be a broodstock pond an algae bloom should be better for the fry and subsequent zooplankton production. I really don't like the way the dye looks either.