There is also no plan to push back Manning's March 8 option bonus that will pay him $28 million, according to ESPN's Chris Mortensen.
Manning's future has been in question due to the possibility that the Colts could select Stanford quarterback Andrew Luck with the top pick in the 2012 NFL Draft in April.
What should the Colts do with the No. 1 overall pick?
There has been a lot of discussion surrounding what the Colts should do with the No. 1 pick, and if it's smart to have Manning and Luck on the roster at the same time.
This is a really smart move by Irsay because Manning is the face of his franchise, and will be for a very long time.
You cannot trade the quarterback that has won you a Super Bowl, made you a ton of money and helped you build a new stadium, even if it's uncertain what his health will be like in a few months.
Trading Manning would be disrespectful to him. He's done way too much for the Colts franchise, making it foolish for Irsay to make that kind of move.
If Manning is healthy enough to play at the beginning of next season, he should start from Week 1.
The Colts should draft Luck anyway, because he is a franchise player that could lead the team for over a decade when Manning retires.
Luck could learn about being an NFL quarterback from Manning, which is an ideal situation for the young Stanford quarterback.
There's no better player to learn the quarterback position from than Manning, and the knowledge Luck would gain from him would be immense in his development as a professional player.