(INDIANAPOLIS, IN) - The Indianapolis Colts have placed their "franchise tag" on Quarterback Peyton Manning.
Team Owner Jim Irsay announced the procedural move Tuesday afternoon via Twitter, saying that the team is continuing to negotiate a long-term deal with the four-time league MVP.
If a long-term deal is not reached, manning will earn a salary of just over 23-million dollars for the 2011 season.
The Colts also "franchised" Manning when his last contract expired following the 2003 season.
They agreed on a seven-year, 98-million dollar deal that expired following the 2010 season.
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