Report: Colts will part ways with Manning

Team will not pay $28 million option bonus. Terry McCormick

Print This March 06, 2012, 06:08 PM EST

Peyton Manning's time with the Indianapolis Colts will end officially on Wednesday, according to a report from

The report indicated that a press conference is scheduled for Wednesday and that both Manning and Colts owner Jim Irsay will be in attendance. Manning's roster bonusof $28 million is due on Thursday.

If Manning's time is over in Indy, then it ends a 14-year run that marks one of the longest sustained eras of consistent success in franchise and NFL history. Until Manning missed all of 2011 with a neck injury, the Colts had won at least 10 games every year since Manning's second season in the league in 1999.

The move will open up a bidding war for Manning, provided he is healthy enough to play as he seeks to regain strength in his throwing arm. It also throws the Colts into their anticipated rebuilding phase which will center around Stanford quarterback Andrew Luck, the projected No. 1 overall pick.

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