Big, long-expected news out of Indianapolis: ESPN reports that Peyton Manning and the Colts will announce at a news conference tomorrow that the football star and team are parting ways after 14 years. Manning is owed a $28 million roster bonus on Thursday; but the Colts hold the top draft pick, and, as AP notes, they apparently concluded it was too risky and pricey to pick up the four years left on his contract. That means Manning will become a free agent, and sources say he plans to keep playing.
The Colts have until 4pm ET on Thursday to officially release him, at which time he can immediately sign up with another team. Manning got the medical OK to resume his career, after sitting out all of the 2011 season following his third neck surgery in September. ESPN notes that Manning has been spotted at Duke University over the last week, where he has apparently been participating in aggressive throwing sessions.