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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
 
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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.

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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.

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Comments

Since: Aug 25, 2011
Posted on: March 6, 2012 4:02 pm
 

Report: Colts have until 4pm Friday to cut Peyton

Why does everyone insist on assuming that the Colts are going to Cut Manning. Don't you think that would have already happened if that were the case?



Since: Dec 22, 2011
Posted on: March 6, 2012 3:54 pm
 

Report: Colts have until 4pm Friday to cut Peyton

I hear ya. Doesn't Drew Carey own part of the Sounders? 



Since: Mar 11, 2010
Posted on: March 6, 2012 3:51 pm
 

Report: Colts have until 4pm Friday to cut Peyton

I had season tix for many years, but now just go when I can. It truly is an experience to be a part of. The fans take it personally when anyone in the media questions their loyalty, so even when the Hawks are losing they keep it ramped up! Same is true with the Sounders Soccer. They play in Century Link as well, and only open up 35,000 seats which sell out every game. They actually turn fans away instead of opening more seats up. This is because the rest of the league aveages under 10,000 and doesn't want to be more embarrassed than they already are. Its just now, after 10 years, that attendance at Safeco Field for Mariner's games is dropping. For a long while fans came to the tune of over 3 million/year even though they sucked. Now it's just gotten too unbearable to pay to watch!



Since: Dec 22, 2011
Posted on: March 6, 2012 3:42 pm
 

Report: Colts have until 4pm Friday to cut Peyton

boomer12  No wonder people think Packer fans have no class!  Uncalled for man!



Since: Dec 22, 2011
Posted on: March 6, 2012 3:35 pm
 

Report: Colts have until 4pm Friday to cut Peyton

CRAZYDUCK  Do you go to Seahawks games? Is it as crazy as it looks on TV?



Since: Mar 5, 2012
Posted on: March 6, 2012 3:34 pm
 

Report: Colts have until 4pm Friday to cut Peyton

Peyton has only had this one major injury in his career.  Why do people keep thinking that he is done for?  I hope the Dolphins sign him if he is released.



Since: Nov 18, 2007
Posted on: March 6, 2012 3:29 pm
 

Report: Colts have until 4pm Friday to cut Peyton

Just remember, Irsay's daddy shipped Johnny Unitas to San Diego



Since: Jan 31, 2011
Posted on: March 6, 2012 3:28 pm
 

Report: Colts have until 4pm Friday to cut Peyton

only a seahawks fan would think mannings neck can hold up 3 more years lol. thats why your team sucks thinking that way.



Since: Jan 19, 2007
Posted on: March 6, 2012 3:19 pm
 

Report: Colts have until 4pm Friday to cut Peyton

I'd love to see them stretch it out, lose the paperwork to file, or have their fax machine send it to the wrong number, and owe Manning $28 mil. They should decide today. Will their minds change between now and Thursday?



Since: Mar 11, 2010
Posted on: March 6, 2012 3:15 pm
 

Report: Colts have until 4pm Friday to cut Peyton

sweetlou19- As a Seahawk fan saddled with the great Tarvaris Jackson, I know your pain! I am hoping for Manning to come to the home of The 12th Man and give us our franchise QB for the next 3-4 seasons. #18 sounds like a new "LUCKy" number to me!!


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