The Indianapolis Colts can decline to pay Peyton Manning's $28 million option bonus on Thursday and still have until Sunday to try and rework a new deal with the quarterback, says Jason LaCanfora of NFL.com.

According to the report, the non-exercise fee, which is also $28 million, is due two days before the new league year (i.e., the beginning of free agency) opens on Tuesday.

LaCanfora says that means the Colts, if they choose to, can use that extra time to negotiate a restructed deal with the quarterback who is trying to make his way back from neck surgery.

Follow me on Twitter @TitanInsider247 and @terrymc13

Terry McCormick covers the Titans for TitanInsider.com