Sources close to the Colts have told ESPN’s Chris Mortenson that the Colts plan to release Peyton Manning. An official announcement will be made tomorrow in a press conference with both Manning and Colt’s owner, Jim Irsay. This news comes just two days before Manning was owed a $28 million bonus and just four days after a video surfaced of Manning throwing to receivers on a practice field for the first time. Manning had missed all of the 2011 season due to a neck injury after never having missed a game in his career. Whether or not he is capable of playing at a top level is still unknown.

Peyton Manning spent 14 season with the Colts, during which he led the team to 11 playoff appearances, two AFC Championships, and a Super Bowl win. Manning was chosen as the Colt’s No. 1 overall pick in the 1998 NFL draft. The Colts, who once again have the No. 1 overall pick in this year’s draft, are expected to take Stanford quarterback Andrew Luck.

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