Colts to release Peyton Manning

Indianapolis Colts four-time MVP quarterback Peyton Manning.
Michael Conroy

(CBS/AP) INDIANAPOLIS - The Indianapolis Colts are to release quarterback Peyton Manning after a 14-year star turn that included one Super Bowl title and a record four MVP awards.

CBS News chief investigative correspondent Armen Keteyian has confirmed that the Colts plan to announce at a news conference on Wednesday that they will release Manning, making him a free agent.

A person with knowledge of the decision also told the Associated Press the team planned to announce it was parting ways with Manning rather than pay him a $28 million bonus.

Manning's impending departure was first reported by ESPN earlier Tuesday.

Manning and Colts owner Jim Irsay flew into Indianapolis together late Tuesday, but the QB declined to address questions about his future with the team.

"We'll see y'all tomorrow," Manning told a small group of reporters. "We're good. We'll talk tomorrow. We'll do it the right way tomorrow."

Peyton's older brother, Cooper, told the AP in a brief phone interview that he couldn't confirm his brother was leaving the Colts.

"I don't know anything," he said.

Word of the impending breakup — though not unexpected — still caught one of Manning's closest friends, Colts center Jeff Saturday, off guard.

"I never thought it was a foregone conclusion," Saturday said. "I was always hopeful they'd get something worked out, and that he would be back in a horseshoe, but it doesn't look like that's going to happen."

That's what Manning wanted, too.

He had said in the past that his goal was to play his entire career with the Colts, but a damaged nerve that forced him to have neck surgery kept him out of action for all of 2011, and not coincidentally, his team's record plummeted to 2-14.

"I can't tell you what an honor it is to go start-to-finish with the same organization here in Indianapolis. That is something I have always wanted to do as a rookie coming out," Manning said in July, after signing a five-year, $90 million contract. "Of course, you never know if that is possible, but after yesterday it is official that I will be an Indianapolis Colt for my entire career. I will not play for another team. My last down of football will be with the Colts, which means a great deal to me."

But things changed since last summer. Now it seems all but certain that Manning won't be wearing No. 18 for Indy anymore — and he'll certainly draw interest from teams in need of a quarterback.

With the bonus payment due Thursday, the neck problems, and the fact that the Colts own the No. 1 pick in April's draft, the Colts seem to have deemed it too risky — and too pricey — to keep the longtime franchise quarterback, who will turn 36 later this month.

The Colts are expected to take Stanford quarterback Andrew Luck first overall, with the first pick in April.

The question now, if he indeed goes, is where Manning might land.

Arizona, Miami, Tennessee, Washington and the New York Jets all have been rumored as possible destinations, and Manning's former longtime offensive coordinator in Indianapolis, Tom Moore, did work with the Jets as a consultant last season.

It's still possible, however unlikely, that Manning could return to Indy for a lower price if he can prove he's healthy.