Peyton Manning Press Conference: Start Time, TV Info, Latest Updates and More

With the No. 1 overall pick in the NFL Draft secure, it has been apparent for quite some time that the Indianapolis Colts had a big decision to make with legendary quarterback Peyton Manning. Not surprisingly, it looks as if the Colts and Manning have decided to part ways amicably.

According to Chris Mortensen of ESPN, Manning and Colts owner Jim Irsay traveled back to Indianapolis from South Florida last night on Irsay's private jet. Although it has yet to officially be announced, the overwhelming sentiment is that the Colts will walk away from Manning's $28 million bonus and the four years remaining on his contract.

Without Manning, who missed all of this past season with a neck injury, the Colts finished as the worst team in the league. This puts them in position to select Stanford quarterback Andrew Luck, who most consider to be a can't-miss prospect.

Manning and Irsay are scheduled to hold a joint press conference today at noon EST in order to announce that Manning and the Colts have absolved their relationship. It should certainly be an emotional scene, as Manning has meant everything to the Colts for more than a decade.

Where: Lucas Oil Stadium in Indianapolis, Ind.

When: Wednesday, March 7 at 12 p.m. EST

Watch: ESPN, NFL Network

What They're Saying

While not much has been divulged regarding Manning's situation with the Colts to this point, reporters did attempt to pepper the future Hall of Famer, as well as Irsay, when they landed in Indianapolis last night. Manning was vague, but his comments seem like those of a player who is on his way out.

"We're good, we're good. We're gonna talk tomorrow. We're gonna do it the right way tomorrow."

Odds and Ends

Manning has been cleared to resume his NFL career by the physician who performed his cervical fusion surgery, Dr. Robert Watkins, according to Mortensen. Manning conducted aggressive throwing drills at Duke University recently, and the sentiment was that he looked great and ready to continue playing at a high level.

Once Manning's release becomes official, he won't have to wait until free agency starts on March 13 to be signed. Since the Colts will be releasing him, Manning can sign with a team right away. Since there is certain to be plenty of suitors, though, expect Manning to weigh his options, take his time and perhaps not sign until free agency has started.