Its the end of an era. The Indianapolis Colts will announce that they are breaking ties with Peyton Manning. This opens up the door for #1 draft Stanford QB Andrew Luck to carry the Colts into future.

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Peyton Manning’s 14-year career with the Indianapolis Colts is coming to an end after owner Jim Irsay informed the four-time NFL MVP that the team will release him Monday night, according to team sources.

Irsay and Manning were traveling together Tuesday night from South Florida on Irsay’s private jet and will conduct a joint press conference Wednesday to announce the quarterback’s departure, the sources said.
The decision to pass on the $28 million bonus owed to Manning and not to pick up the four remaining years on his contract means Manning will become a free agent. Sources said Manning intends to continue playing despite missing the entire 2011 season after having his third neck surgery in 19 months, a fusion of two vertebrae.

Without Manning, the Colts went just 2-14 and landed the No. 1 overall pick in April’s draft.

Irsay has since rebuilt the Colts organization, firing vice chairman Bill Polian, coach Jim Caldwell, most of Caldwell’s staff and general manager Chris Polian, Bill’s son.

Manning preferred to remain with the Colts, one source said, but a source close to Irsay said the owner concluded that the major restructuring of the organization would include a change a quarterback, likely either former Stanford quarterback Andrew Luck or former Baylor quarterback Robert Griffin III.

One source close to Irsay said the decision was not financially driven, evidenced by the fact the owner chose not to engage in negotiations to restructure Manning’s contract.

Let’s see what the future holds for Peyton Manning. But this is the end of an era in Football.