Blog Entry

Report: Colts have until 4pm Friday to cut Peyton

Posted on: March 6, 2012 10:43 am
Edited on: March 6, 2012 3:21 pm
We get a free 24 hours of Peyton drama! (Getty Images)
By Will Brinson

Thursday, March 8 has been pegged on the calendar as "Peyton Manning Day" for quite some time. That's when the Colts must make a decision on whether or not to pick up Manning's $28 million option bonus and activate the rest of his contract. But not so fast, my friends: the Colts can actually keep Manning on the roster as late as Friday at 4 p.m. ET without paying him any money.

Latest NFL News, Notes

That's according to a report from Jason LaCanfora of the NFL Network, who writes that while Thursday is the deadline for Manning's option bonus, Sunday -- two days before the beginning of the new league year -- is the "non-exercise payment date" on Manning's contract.

However, there's one more wrinkle. Mike Florio of Pro Football Talk correctly points out, and has since confirmed via NFL spokesman Greg Aiello, that NFL business must be transacted by 4 p.m. ET on Friday.

Therefore, if the Colts don't pick up Manning's option bonus on Thursday but also don't cut Manning before 4 p.m. ET on Friday, they'll owe him $28 million as a result of the non-exercise fee. However, if the Colts don't exercise his option, as Florio points out, he will still be under contract for the 2012 season until they decide to cut him.

The failure to pay the option bonus, per Florio, will simply wipe out the 2013-2015 portions of Peyton's contract. (Ed. Note: This is an update from what we previously had here.)

So what would be the point of keeping Manning past Thursday? Well, Jim Irsay could ultimately decide that he does want to pay Manning $28 million to play for the Colts -- or, more accurately, not play somewhere else -- in 2012. The Colts could would not be able, however, to cut him past Friday at 4 p.m. ET without paying him the $28 million and sending him on his way.

The Colts could also decide to wait until Friday to engage in talks with Manning on a renegotiated contract. But if no deal is reached and the Colts decide to cut Manning after the 4 p.m. ET deadline on Friday, then Manning would get $28 million for the non-exercise fee and would become a free agent.

Which is why it makes more sense, if the Colts are truly prepared to move on without Manning, to do so at an earlier time than on 3:59:59 p.m. ET on Friday.

For more NFL news, rumors and analysis, follow @EyeOnNFL on Twitter, Like Us on Facebook, subscribe to our NFL newsletter, and while you're add it, add our RSS Feed.

Since: Dec 22, 2011
Posted on: March 6, 2012 3:06 pm

Report: Colts have until 4pm Friday to cut Peyton

CRAZYDUCK  As a Bear fan I just want to get a decent QB for at least 5 years.  Anything over that would be incredible!

Since: Mar 11, 2010
Posted on: March 6, 2012 2:53 pm

Report: Colts have until 4pm Friday to cut Peyton

Colt fans are the ones that will get screwed here. All they want is the chance to watch their hero play out his career in the blue and white. Unfortunately, deferred money and future "option bonuses" make it difficult for owners to payout the big bucks to keep their superstars if they see any inkling of doubt in their ability to perform longterm. As much as I love Manning, let's be honest....their is a lot of doubt here. His injury status couldn't be more shrowded in secrecy had he been playing for the Patriots and Belichek was the one updating his status! Maybe he comes back and has 2-3 more productive years, and maybe he takes a vicious hit, (no bounty I hope), and has to call it a career. With Andrew Luck waiting in the wings, paying Manning is a gamble I can't see Irsay rolling the dice for.

Having your star QB leaving the fold to play for another NFL foe is nothing new. For every Elway and Marino that got to play their entire careers with one team, there are many that didn't get that chance...Montana, Favre, Namath, etc. Grant it, sometimes a player just doesn't have the skills anymore to play at the level required to comand the money they want to stay with their "franchise". If they still want to play they have to find a new team willing to pay for their name. I get that. But this is different. This is just another reminder that this game that is now pregnant with BILLIONS of dollars in revenue is more about business and marketing than long term relationships and loyalty. I'm not saying this is right, and I'm not saying it is wrong....just that it is. And the Colt fans that figured to be wearing their #18 jerseys for years to come will have to come to terms that they now have only a piece of history. Be careful getting too attached to Mr. Luck, as this is bound to repeat itself again!

Since: Sep 19, 2011
Posted on: March 6, 2012 2:39 pm

Report: Colts have until 4pm Friday to cut Peyton

First of all Manning changed the face of the QB position... He was and is the ONLY on field OC... and now you see every QB with the chance to run his team properly on the field....Manning SET THE BAR when it comes to new school QB.
There has been QB in the past that was a OC on the field, In the past it was more common that a QB will call their own plays. For Example QB that ran a no huddle offense have to call their own plays, I think that Manning is a great QB but I don't think he change the face of the QB position. Dan Marino put up great stats in the 80's and 90's, so if anyone change the face of the QB position it be him.

Since: Apr 6, 2011
Posted on: March 6, 2012 2:16 pm

Report: Colts have until 4pm Friday to cut Peyton

LOL- Whats the matter Colts fans? Starting to realize the window is now closed, and all you had to show for the Manning era was a single Lombardi trophy? 

Enjoy being the AFC south welcome mat for the next decade, fellas.   

Since: Dec 22, 2011
Posted on: March 6, 2012 2:11 pm

Report: Colts have until 4pm Friday to cut Peyton

Either way Irsay cant win. he keeps him and they suck, fans will be unhappy. He lets him go and he can still be effective, fans will be unhappy. Couldnt happen to a better guy. Spoiled bumb!

Since: Dec 18, 2006
Posted on: March 6, 2012 1:42 pm

Report: Colts have until 4pm Friday to cut Peyton

If Irsay let Manning go, he would be the stupidest owner ever. The Colts is the Colts because of Peyton Manning and not because of Irsay's money. Somehow Irsay and some of the Manning haters thinks that a qb like Manning like caliber comes in the NFL on an annual basis. If Peyton can still play, like what the doctors said, than he should remain with the Colts.

Since: Feb 23, 2009
Posted on: March 6, 2012 1:38 pm

Report: Colts have until 4pm Friday to cut Peyton

trojan u must be a condom because you have no clue, moms callin go eat ur ding dong and glass of milk. jksausage i dont know but you sound like a front runner fan, go break out your aikman jersey i think you used to be a 90's cowboy fan. of course people outside indy follow because of manning. just like brady in NE, montana and younge in SF, aikman in dallas. everyone wonders whats takin so long to release him.   its because he's not goin anywhere. he will be released for the sake of a new contract that has the same money over the 4 years but at equel #'s

Since: Aug 20, 2007
Posted on: March 6, 2012 1:12 pm

Report: Colts have until 4pm Friday to cut Peyton

It's been almost 5 years since that travesty occured, and I'm still shaking my head over that MVP desicion.

Might be time to find something else to obsess about..

Since: Feb 15, 2012
Posted on: March 6, 2012 1:04 pm

Report: Colts have until 4pm Friday to cut Peyton

meant to say you CAN'T judge....

Since: Feb 15, 2012
Posted on: March 6, 2012 1:01 pm

Report: Colts have until 4pm Friday to cut Peyton

I find it interesting if not ridiculous that we have be pounded with March 8th for like a year and then it's "oh by the way they have another day" Anything to beat this story to death and fill space on the page I guess. That being said, I would like to know exactly what's going to happen just like everyone else. I'm a Manning fan but, saying he's not one of the greatest and most entertaining QB's to watch of all time is crazy. No one knows the game AND can play like he does. Sure Brady, Big Ben, Little Manning have more rings and maybe some of their stats are better, but when was the last time you saw any of those guys snap the ball purly to make a fat lazy lineman pay b/c he was to slow to get off the field? Ben has made some great come backs in big games, but seeing Manning lead the Colts from a 27-10 deficit with 4:06 left in the 4th to beat Houston and lea
ding them back from a 35-14 with 4 min left in the 4th to beat Tampa, those where AMAZING. I think what makes him great is not only his performance, but his knowledge, work ethic and dedication to the game. You can just judge a player by the number of rings they have. It's almost like saying Barry Sanders wasn't an all time great. Adrian Peterson is pretty awesome too and (sorry Vikings fans) he'll probably never get a ring either.

The views expressed in this blog are solely those of the author and do not reflect the views of CBS Sports or