Peyton Manning Press Conference: Live Stream Info and Latest Updates

The Indianapolis Colts owner and CEO Jim Irsay and QB Peyton Manning are holding a joint press conference at noon eastern time, and it’s widely expected that the release of the longtime signal-caller will be announced, as first reported by Chris Mortensen of ESPN.

Update: 12:45 p.m. EDT

As expected, it was announced Manning was released and will officially become a free agent at 4 p.m. EDT.

He will then be free to sign with whatever team he chooses for whatever price is negotiated. 

It was a tearful event and it was clear that neither side wanted this to happen, but business decisions left no other option.

Stay tuned to B/R for the latest news, opinion, analysis and rumors on what will happen with Peyton Manning from here on out.

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You can watch the press conference, live and streaming online right here, and it can also be seen live on television if you tune in to the NFL Network or ESPN2.

It’s going to be a sad end to a long era in Indianapolis football, and it’s just insane to think that a Super Bowl winner, four-time MVP, 11-time Pro Bowler, and five-time First-Team All-Pro is going to be on the open market.

Manning was selected No. 1 overall in the 1998 draft and now—after 14 seasons with the team—he will likely be replaced by a new No. 1 overall pick, Andrew Luck.

The Colts are almost forced to make this move, as Peyton is due a $28 million roster bonus tomorrow that would activate the remainder of the five-year $90 million extension he signed this past summer.

Luck stands to make much less, as 2010 No. 1 overall QB pick Cam Newton signed for just a four-year, $22 million deal, and the Stanford product is likely to get something similar.

Manning is also coming off four neck surgeries in the past 19 months, and it’s unknown if he will ever play at an elite level again. He wants to continue playing and will most likely sign somewhere else.

Mike Chappell of The Indy Star found a source who believes the split between the two is unwanted but unavoidable.

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"It's one of those situations where Peyton wants to stay there and (Irsay) wants him to stay, but because of the circumstances, it's hard to find a solution where (Manning) stays," said a source with direct knowledge of the situation.

"It's a tough, tough situation. It couldn't be a more difficult scenario."

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It’s going to be strange to see Indianapolis without Peyton on the field or at least on the sidelines, but it’s something that fans will have to get used to.