(INDIANAPOLIS, IN) - Peyton Manning and the Indianapolis Colts will part ways today, according to an ESPN report.
The cable sports network, citing unnamed team sources, says Manning and team owner Jim Irsay will attend a news conference to announce that the Colts will not pick up the $28-million-dollar option bonus due Manning and will cut the four-time league MVP. The news conference will take place today.
Irsay and Manning flew back to Indianapolis from Florida Tuesday night on Irsay's private jet with both declining to comment on negotiations when approached by reporters at Indianapolis International Airport.
Manning agreed to a five-year deal last summer that included one year guaranteed with the option bonus that would trigger the remaining four years of the deal.
Manning was the number-one overall pick in the 1998 and started every game for the Colts through the 2010 season. He missed all of last year after undergoing neck surgery on September 8th.
Without Manning, the Colts went 2-and-14 and own the number-one overall pick in this April's draft, at which time they are expected to select Stanford quarterback Andrew Luck.
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