Irsay, Peyton to hold news conference at noon

According to an ESPN report late Tuesday afternoon, the Colts are expected to announce they will part ways with their quarterback of 14 years.

Peyton Manning

Peyton Manning

Indianapolis

The Indianapolis Colts will hold a news conference Wednesday at noon, where owner Jim Irsay and quarterback Peyton Manning are expected to speak. 

According to an ESPN report late Tuesday afternoon, the Colts are expected to announce they will part ways with their quarterback of 14 years.

Late Tuesday night, Irsay and Manning arrived at the Indianapolis International Airport on the owner's plane, hours after word leaked out that the Colts would not retain the quarterback's services.

Early Wednesday morning, Irsay described the flight, writing “It was a long, emotional flight…now the sun is trying to rise.”

Manning was due a $28 million roster bonus by Friday at 4 p.m. as part of the contract that was signed in July of 2011. After signing that contract, Manning missed the entire season as he continued to rehabilitate his neck following a number of procedures.

In his absence the Colts finished the season 2-14, which secured them the number one overall selection in the 2012 NFL Draft. With highly-touted Stanford quarterback Andrew Luck expected to be the first pick, the chances of team drafting a quarterback are high.

So far in his career, Manning has lead the Colts to the playoffs 11 times, won seven AFC South titles and two AFC Championships, one Super Bowl title and the Super Bowl MVP Award. 

Tune into Fox59 or Fox59.com at noon for live coverage of the news conference.
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