Colts Will Release Peyton Manning Today: Indianapolis Colts owner Bob Irsay will announce at a noon press conference today that the team is releasing quarterback Peyton Manning after 14 seasons. Irsay was due to pay Manning a $28 million bonus Thursday that would trigger the final four years of a five-year, $90 million contract, but the team is expected to draft Stanford quarterback Andrew Luck with the first overall pick in the NFL Draft. Manning, the only four-time MVP in NFL history, led the Colts to 11 playoff appearances, two Super Bowl appearances and one championship. "It had to happen," writes Bob Kravitz of the Indianapolis Star. "Irsay's calculation was a simple one: Do I toss a lot of money at a severely injured 36-year-old quarterback when I have a rookie No. 1 pick coming on line?"