What about Peyton’s contract?
Manning and agent Tom Condon leveraged a contract that forces the Colts to decide on Manning before the start of the 2012 League Year.
You mean they can’t trade Peyton?
No. Manning is due a $28 million option bonus due five days prior to the start of the 2012 League Year, on March 8th. The start of the 2012 League Year and trading is March 13th. Thus, the Colts have to either pay Manning $28 million – which means they will keep him for the foreseeable future – or not pay him, which means he will become a free agent available to sign with any team.
Could the Colts carry both Manning and Luck?
In 2012, Manning will cost $35.4 million -- the $28 million option bonus plus $7.4 million salary. Luck, although limited to about $23 million over four years, will get a signing bonus and salary of around $15.4 million. Thus, to carry both, in 2012 along, would cost close to $51 million. It is Jim Irsay's money and he can do as he wish, but that seems unwieldy.
Wouldn’t the Colts renegotiate to try to push the option date back?
They can try, but it is hard to see the incentive that Manning would have to do so, as he would like his situation resolved as soon as possible. The only reason Manning may do so is to facilitate a trade or to take less money to accomodate another situation such as Luck. Both seem unlikely.
So what would you think you the Colts do?
Emotion will run high with Jim Irsay here in leaning to keep Manning, but it may make more sense to move on. Saying goodbye to the face of the franchise is difficult, but the confluence of (1) having the top pick in the Draft with a special quarterback available, (2) Manning’s uncertain health -- he has now had three neck surgeries -- and (3) Manning's burdensome contract may all conspire to make a change.
Here's a thought: maybe the new president/general manager of the Colts is Peyton Manning.....