Peyton Manning: Indianapolis Colts Will Reportedly Cut Ties with Star QB

Peyton Manning will soon be looking for a new home in the NFL.

According to ESPN's Chris Mortensen, the Indianapolis Colts are planning to officially part ways with Manning on Wednesday. The announcement will come at a press conference in Indianapolis. 

Mortensen reports that the Colts are not going to pick up Manning's $28 million option bonus because of concerns over Manning's "readiness" to keep playing. He will become an unrestricted free agent, and he reportedly plans to keep playing.

Manning has been with the Colts ever since the team drafted him No. 1 overall in 1998. He never missed a game until last year, when he missed the entire season due to a neck injury. 

UPDATE: Tuesday, March 6 at 6:30 p.m. EST by Zachary D. Rymer

According to Colts beat writer Mike Chappell, nothing is final yet:

"

Colts/Manning separation likely, but not official. Irsay/#18 still talking. Resolution expected Wednesday.

— Mike Chappell (@mchappell51) March 6, 2012"

From the sound of things, the Colts already know which way they're leaning. Even still, stay tuned.

What It Means 

The Colts are looking to the future now, and there is little doubt that they are going to draft Andrew Luck with the No. 1 pick in the 2012 NFL Draft. 

It will certainly be interesting to see how some of the Colts' players react to this, because if you remember correctly, some of them took issue with Kerry Collins getting the nod over Curtis Painter before the 2011 season. 

How exactly are they going to accept losing their 11-time Pro Bowl QB? 

If they're smart, they'll play it cool and welcome Luck with open arms. After all, it's expected that he'll be better than the mess of QBs the Colts ran with last season. 

Luck has drawn comparisons to Manning, so the Colts are doing the right thing in focusing on the future of their franchise.

It's unfortunate, but business is business, and now Manning must move on. The only question is, to where? 

What Happens Next  

Let the mad dash for Manning's services begin. 

The soon-to-be 36-year-old will now look for a new team to play for. Before he signs anything, he'll have to prove he is healthy, even if he was cleared by doctors in early February. 

It remains to be seen where Manning will go, but it shouldn't be long until the rumors start to surface. Nearing the end of his career, Manning would be wise to join a team that's ready to contend.

That would mean a team with a solid defense, because Manning can easily take care of the offense. It's unknown how good he will be once he hits the playing field, but you can't blame him for wanting to give it a shot. 

Expect a whirlwind of craziness to ensue quickly. Arguably the best QB in the NFL prior to missing an entire season, Manning is going to be highly coveted by several teams.

Be sure to stay tuned to Bleacher Report as we keep you updated on the latest news and updates regarding Manning and the NFL.