- Associated Press - Wednesday, March 7, 2012

INDIANAPOLIS (AP) - Peyton Manning forever will be thought of around these parts as No. 18, the quarterback who led the Indianapolis Colts to an NFL championship.

He’ll be remembered, too, for his record four MVP awards, his 50,000 yards passing and his 200 consecutive starts. Most of all, Manning will be the guy in the horseshoe helmet who turned around a franchise and transformed a basketball-loving city into a football hotbed that hosted the Super Bowl.

Despite all of that and barring a last-minute change of heart, the Colts planned to release the 35-year-old Manning rather than pay him a $28 million bonus. The Colts have scheduled a noon news conference Wednesday, saying only that Manning and owner Jim Irsay will be available.

A person with knowledge of the decision said the team was preparing to announce it will part ways with its QB, who missed all of last season after a series of operations on his neck.

The person spoke to The Associated Press on condition of anonymity Tuesday night because no official announcement had been made. Manning’s impending departure was first reported by ESPN earlier Tuesday.

While 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, Manning will become a free agent _ and, if healthy, certainly will draw interest from other teams.

Arizona, Miami, Tennessee, Washington and the New York Jets all have been rumored as possible destinations; Manning’s former offensive coordinator in Indianapolis, Tom Moore, worked for the Jets as a consultant last season.

It’s still possible, however unlikely, that Manning could return to Indy at a lower price.

“This isn’t an ankle, it isn’t a shoulder. Oftentimes the NFL is criticized for putting someone out there at risk, and I’m not going to do that,” Irsay said in January. “I think he and I just need to see where his health is, because this isn’t about money or anything else. It’s about his life and his long-term health.”

When Manning and Irsay flew to Indianapolis together late Tuesday, the player declined to address questions about his future with the team.

“We’ll see y’all tomorrow,” Manning said. “We’re good. We’ll talk tomorrow. We’ll do it the right way tomorrow.”

“It was a long, emotional flight…now the sun is trying to shine,” Irsay posted later on his Twitter feed.

Word of the 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.”

Manning has said 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.

Story Continues →