Indianapolis Colts Release Peyton Manning

NEW YORK ( TheStreet) -- The Indianapolis Colts released quarterback Peyton Manning on Wednesday. .

Manning was sidelined throughout the 2011-2012 season with a neck injury that' required multiple surgeries.

Manning is a four-time MVP. He played with the Colts for 14 years.

By releasing Manning, the Colts will pass on paying the quarterback a bonus of $28 million bonus and won't pick up the remaining four years of his contract.

"It truly is an honor to have played in Indianapolis," Manning said Wednesday.