NEW YORK ( TheStreet) -- The Indianapolis Colts plan to release Peyton Manning on Wednesday, according to ESPN.
- Manning, who was sidelined throughout the 2011-2012 season with a neck injury that's required multiple surgeries, will appear at a press conference with Colts owner Jim Irsay to make the announcement, the article said, citing information that sources close to team have told to ESPN senior NFL analyst Chris Mortensen.
- Manning, a four-time winner of the NFL's most valuable player award, will become a free agent and plans to continue to play, according to the article. The quarterback has spent his entire 14-year career with the Colts.
- The Colts will be opting to pass on paying Manning a $28 million bonus and declining to pick up the remaining four years of his contract, assuming the announcement becomes official.