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Sources close to the team told ESPN's Chris Mortensen that the announcement will come at a press conference in Indianapolis on Wednesday.
The decision to pass on the $28 million bonus owed Manning and not to pick up the four remaining years on his contract means Manning will become a free agent, and sources say that he intends to continue to play.
The Colts decided not to pick up Manning's option because of concerns they had over his readiness to play in the NFL again.
The four-time league MVP missed the entire 2011 season after having his third neck surgery in 19 months, a fusion of two vertebrae. His doctors have medically cleared him to resume his career.
The decision to pass on the $28 million bonus owed Manning and not to pick up the four remaining years on his contract means Manning will become a free agent, and sources say that he intends to continue to play.
The Colts decided not to pick up Manning's option because of concerns they had over his readiness to play in the NFL again.
The four-time league MVP missed the entire 2011 season after having his third neck surgery in 19 months, a fusion of two vertebrae. His doctors have medically cleared him to resume his career.
/sarcasm off
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