Colts announce they're releasing Peyton Manning

Colts announce they're releasing Peyton Manning

March 7th, 2012 by Associated Press in Local - Breaking News

In this Jan. 16, 2010, file photo, Indianapolis Colts quarterback Peyton Manning waves as he walks off the field after the NFL divisional football playoff game against the Baltimore Ravens in Indianapolis. The Peyton Manning era in Indianapolis is expected to end, according to a report. Citing anonymous sources, ESPN reported Tuesday, March 6, 2012, that the Colts plan to hold a news conference Wednesday to announce the long-expected decision. Manning is expected to attend. (AP Photo/Darron Cummings, File)

In this Jan. 16, 2010, file photo, Indianapolis...

Photo by Associated Press /Times Free Press.

INDIANAPOLIS - Colts owner Jim Irsay says the team is releasing quarterback Peyton Manning after a 14-year run that included one Super Bowl title and four MVP awards.

Irsay and Manning are appearing together Wednesday at a news conference at the Colts' team complex to announce the move.

The 35-year-old Manning will become a free agent, and there is expected be interest from a half-dozen or so NFL clubs, provided he's healthy. Manning is coming off a series of operations to his neck and missed all of last season.

Indianapolis needed to cut him this week to avoid paying him a $28 million bonus. The Colts are widely expected to begin moving on by taking Stanford quarterback Andrew Luck with the No. 1 overall pick in April's draft.