If Manning signs in Tennessee with the Titans, then either one of two things must happen.
1. The market for Jake Locker will be too high and the Titans will move forward with Manning for the next three to five years before drafting a new quarterback at that point. Locker would then be traded to the highest bidder and the returns would be used to build the team further around Manning.
2. Locker is kept as the team's future quarterback and Manning is given a deal which is designed with all the guaranteed money up front. In this instance, the team's starter from last season, Matt Hasselbeck, will either be traded or released.
While we can't be certain what the Titans' game plan would be, the most likely scenario in my mind is a trade involving Hasselbeck which would see Locker stay with the organization based on his potential.
In that instance, Hasselbeck will need to find a new home. Here are a few candidates to take him on:
If the Dolphins lose out on Matt Flynn, who could still sign with the Seahawks as the Dolphins continue to low-ball the former Packers quarterback, then they will be looking for a proven veteran to improve on the play of Matt Moore from last season.
In Joe Philbin's offense, arm strength isn't likely to be a requisite. Philbin favors multiple-receiver sets which stretch the field horizontally opposed to vertically. It is part of the reason why Brandon Marshall found his head on the trade block.
Hasselbeck has proven in the past that he is capable of playing in that type of offense which relies more on accuracy and intelligence as opposed to physical power.
The Chiefs already have their starter in place with Matt Cassel, but he is not so safe that bringing in some competition can be ruled out. Hasselbeck and Cassel would be good for each other fighting for the starting job in Kansas City.
With a very strong running game in Kansas City, and a big receiver on the outside, the Chiefs offense isn't too dissimilar to that of the Titans, which Hasselbeck had some success in last year. He wouldn't be guaranteed a starting position, but he wouldn't find a much better place to finish out his career.
St. Louis Rams:
Hasselbeck would have to accept a backup role if the Rams signed him. With their porous offensive line, the Rams will value a backup for Sam Bradford. Considering that Bradford is still a very young quarterback, bringing in Hasselbeck as a mentor would be a prudent move for the team.
Hasselbeck has shown in Tennessee that he is more than willing to mentor a younger player at his position.
If the Redskins chose to sit Robert Griffin III before starting him, which is still a possibility despite the huge trade the team made, then they will want to improve the position over Rex Grossman and John Beck.
Hasselbeck would be interested in playing in Washington because he would be a starter and get to mentor one of the next big talents at the position. His role for the Redskins would basically be the one he has carried in Tennessee.
The Cardinals were the biggest losers in the Peyton Manning sweepstakes. They tried to sign Manning until the very last second which has forced them to keep Kevin Kolb and pay him his expensive offseason bonus.
With Hasselbeck, the team would have some consistency at the position and a mentor to teach both Kolb and John Skelton more about the position.