Peyton Manning Released From Colts to Save $35 Million

Fellow teammates on the Indianapolis Colts have confirmed that team owner Jim Isray has released Peyton Manning. The news is to be announced by press conference Wednesday at noon.

Manning has played quarterback for the Colts for 14 years, earning four MVP awards and one Super Bowl title. However, over the past two years he has suffered severe neck injuries, which have made his overall come back to the NFL questionable to some. Manning missed the entire 2011 NFL season.

Although the news will not be confirmed until the press conference, ESPN reported that Manning and Isray travelled together by private jet from South Florida Tuesday night. The pair was later seen in Indianapolis, talking in Isray's car.

Isray responded to the media present, "we'll see ya'll tomorrow. We're gonna talk tomorrow."

Manning was also pushed to comment on the recent changes and how he felt about them. He offered a similar response: "We're good, we're good. We're gonna talk tomorrow. We're gonna do it the right way tomorrow."

In 2011, Manning signed a 5-year contract with the Colts for $90 million. To retain the NFL player, the Colts would have to pay out a $28 million bonus due to Peyton for the next year. The team will save $35 million by releasing him to the free agent list.

The Colts also hold the first 2012 draft pick and will likely choose Stanford quarterback Andrew Luck; former Baylor quarterback Robert Griffin III has also been considered.

After the press conference announcement, the Colts will have until Thursday to complete the transaction. If made a free agent, Manning is open immediately to sign with a different team.

The ESPN reported that it was Manning's preference to stay with the Colts, but Isray has remained dead set on reconstructing the team after suffering a 2-14 season without Manning.