Who Wants Peyton?

Indianapolis Colts owner Jim Irsay announced Wednesday that his team will release Peyton Manning, making the four-time MVP perhaps the most-coveted free agent in NFL history -- if he's healthy enough to play in 2012.

Manning was in attendance at the news conference to announce the end of the quarterback's 14-year tenure in Indianapolis. Both Irsay and Manning became emotional as they made their statements and both men said money wasn't a factor in Manning's exit from the team.


"It truly is an honor to have played in Indianapolis," Manning said, choking back tears.

Irsay said Manning's No. 18 "will never be worn again" by a member of the Colts.

Manning will officially become a free agent once the Colts submit his release to the NFL, the league processes it and places his name on the waiver wire. That could happen as soon as Wednesday afternoon, as the league typically distributes that list at about 4 ET each weekday. Free agency begins Tuesday, but Manning can sign with another NFL team immediately after the Colts formally release him.

The Colts had a deadline of Thursday to pay Manning a $28 million bonus and exercise the four remaining years on the five-year, $90 million contract he signed before last season.


Manning preferred to remain with the Colts, one source told ESPN senior NFL analyst Chris Mortensen, but a source close to Irsay said the owner concluded that the major restructuring of the organization would include a change at quarterback, likely either former Stanford quarterback Andrew Luck or former Baylor quarterback Robert Griffin III.


One source close to Irsay said that the decision was not financially driven, evidenced by the fact the owner chose not to engage in negotiations to restructure Manning's contract.


Sources said that Manning expects to have significant dialogue with interested teams before he makes a decision on where to resume his career and will likely work out for a few select teams once he analyzes his top choices.


Dr. Robert Watkins, who performed the single-level cervical fusion, has stated publicly that he has cleared Manning to resume his playing career and the damaged nerves have regenerated to the point where Manning has thrown the ball with greater distance and velocity in the past few weeks.


To that end, Manning, who turns 36 later this month, conducted an aggressive throwing session in his Colts helmet, shoulder pads and jersey at Duke University on Friday, a source said.


Several current teammates who took the field with the quarterback and non-Colts coaches who observed Manning throw in challenging environments during five days of workouts encouraged Manning to keep playing, sources said.


The Arizona Cardinals, Miami Dolphins, Tennessee Titans, Washington Redskins, Seattle Seahawks, Kansas City Chiefs and New York Jets all have been rumored as possible destinations for Manning.


Tony Dungy, Manning's former coach with the Colts who is now an NBC analyst, said Wednesday in an interview with ESPN Radio's "Mike and Mike in the Morning" that Manning will consider signing anywhere except with an NFC East team, where he would have to challenge his brother Eli for a division title and playoff spot.