Peyton Manning Rumors: Sorting Through the Latest on Future of Colts QB

When a top-tier quarterback changes teams, it's a big deal. When one of the best quarterbacks to ever play is likely to change teams, it becomes the story of the year.

That's the situation Peyton Manning finds himself in right now. 

The Colts will undoubtedly be drafting his replacement, but Manning remains in limbo. He could still be back in Indy, or he could take his talents to another team.

There are a lot of rumors and gossip floating around. This story is still developing, but here are the latest happenings regarding Manning.

Manning's Contract Situation

Whichever team is lucky enough to win the Peyton Manning sweepstakes will get the most motivated quarterback in the NFL.

Adam Schefter recently reported that Manning would be willing to accept a contract with minimal guaranteed money should the Colts release him.

This means that teams with salary-cap issues can still take a shot at him.

Specifically, teams like the Cardinals and the Jets might find acquiring Manning more realistic with this recent development.

The Colts will have to pay him roster bonus of $28 million on March 8th.

If they choose not to do so, Manning will be released, and some team might just get a great bargain.

Manning's Injury Situation

There have been two major developments regarding Manning's injury situation in recent weeks.

First, early in February, he was cleared to play again.

More recently, it came to light that Manning had a fourth procedure that was previously unreported.

The procedure was done between his May 23rd procedure to fix a bulging disc and his September 9th neck fusion surgery.

This second development does not change Manning's situation for other teams, but it could encourage even more caution in letting him see the field.

The Manning-Irsay Relationship

Jim Irsay and Manning have had a tumultuous couple of weeks, and the clock is ticking for Irsay to make his decision.

Both have used the media to persuade public opinion.

Irsay is painting Manning as a savvy negotiator who is using the media to boost his cause, while Manning was sure to make his health status known as soon as he was cleared.

Recently, Irsay stated that the ultimate decision would be Manning's to make. Ultimately, Irsay claims that Manning's willingness to remake his contract will be the deciding factor.

As long as Irsay and Manning are communicating, there is a chance that Manning could be retained. Irsay claims that the lines of communication are open, and that could bode well for the Colts.

The Washington Redskins

The Redskins have generally been considered the frontrunners to acquire Manning should he part ways with the Colts.

Discussions have been vivid, with some fearing that he wouldn't fit in with the Redskins.

Others point to Dan Snyder's excessive spending and fear that Manning would be one in a long line of big-name busts.

Still, NFL Insider Chris Mortensen considers the Redskins to be one of the leading contenders for Manning's services. He believes that Manning will want to play on a talented team, and the Redskins fit the bill.

Bruce Allen, the Redskins GM, insists that the Redskins have a plan at quarterback, but he was unwilling to go into details.

The Redskins remain a serious contender to acquire Manning's services.

The Seattle Seahawks

The main developments in this story the past few days have revolved around the Seahawks.

On February 19th, the National Football Post reported that the Seahawks were considered a frontrunner to sign Manning.

Not long after, Seahawks GM John Schneider cooled those rumors significantly, hinting that he preferred to build slowly through the draft.

Nothing has really changed here.

The Seahawks will likely consider Manning, but they are an unlikely candidate in the Peyton Manning sweepstakes.

Manning's Other Suitors

Manning has also been linked to the Dolphins, the Jets and the Cardinals.

Evidently, Miami is near the top of Manning's list, and Manning seems to be their first option as well.

This is surprising because of the obvious link between Matt Flynn and new Dolphins head coach Joe Philbin.

As for the Jets, ESPN analyst Ron Jaworski sees a great match, pining for the Jets to pursue Manning.

The Jets, though, have salary-cap issues and could have trouble paying for a big contract. Don't forget that they have another expensive quarterback in Mark Sanchez.

There has been no major news out of Arizona recently, but they seem to be going forward with John Skelton and Kevin Kolb at quarterback. Coach Ken Whisenhunt declared that both would compete to be the starter in 2012.

Of these three teams, only the Dolphins seem to be a logical fit for Manning.

Probable Destination

Manning's name has been in the news everyday, but little in the way of substantive information can be found.

We know that he is medically cleared to play again, which is a big deal.

We also know that he won't necessarily be a drain on a team's salary-cap situation, based on his comments.

Finally, we know the teams that are interested in Manning. The Cardinals, the Jets and the Seahawks might look into signing him, but ultimately he will almost certainly end up with the Redskins, the Dolphins or back with the Colts.

This is a constantly developing story, and it will continue to dominate the headlines until Manning finally signs.