Indianapolis Colts owner Jim Irsay says it's up to Peyton Manning to decide whether he wants to come back with the team in 2012, but he would have to do so at a much lower cap number, according to Bob Kravitz of the Indianapolis Star.

Manning is owed a $28 million option bonus by March 8th. If the Colts choose not to pay it, Manning would become an unrestricted free agent.

Per Kravitz, the Colts also have the option of reworking Manning's contract. He signed a five-year, $90 million contract last offseason.

“There’s no question it can be worked out if he wants to be here,’’ said Irsay, via Mike Chappell of the Indianapolis Star. “It can work if he wants to come back and can get back to being the old Peyton.’’