Posted by Sabrina B. @gametimegirl

Indianapolis Colts owner Jim Irsay announced Wednesday that his team will release Peyton Manning, making the four-time MVP perhaps the most-coveted free agent in NFL history — if he’s healthy enough to play in 2012.

Both men paused frequently, fighting tears and their voices shaking, when they appeared together at a news conference at the Colts’ team complex to announce the end of Manning’s 14-year tenure in Indianapolis.

“This has not been easy for Jim,” Manning said, “and this has certainly not been easy for me.”

“It truly is an honor to have played in Indianapolis,” Manning said, choking back tears.

Irsay said Manning’s No. 18 “will never be worn again” by a member of the Colts.

“It’ll always be Colt,” Manning said. “That’ll never change.”

Manning will officially become a free agent once the Colts submit his release to the NFL, the league processes it and places his name on the waiver wire. That could happen as soon as Wednesday afternoon, as the league typically distributes that list at about 4 ET each weekday. Free agency begins Tuesday, but Manning can sign with another NFL team immediately after the Colts formally release him.

The Colts had a deadline of Thursday to pay Manning a $28 million bonus and exercise the four remaining years on the five-year, $90 million contract he signed before last season.

 

Both men said money wasn’t a factor in Manning’s exit from the team.

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

 

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

 

Sources said that Manning expects to have significant dialogue with interested teams before he makes a decision on where to resume his career and will likely work out for a few select teams once he analyzes his top choices.

 

Dr. Robert Watkins, who performed the single-level cervical fusion, has stated publicly that he has cleared Manning to resume his playing career and the damaged nerves have regenerated to the point where Manning has thrown the ball with greater distance and velocity in the past few weeks.

 

To that end, Manning, who turns 36 later this month, conducted an aggressive throwing session in his Colts helmet, shoulder pads and jersey at Duke University on Friday, a source said.

 

Several current teammates who took the field with the quarterback and non-Colts coaches who observed Manning throw in challenging environments during five days of workouts encouraged Manning to keep playing, sources said.

 

The Arizona Cardinals, Miami Dolphins, Tennessee Titans, Washington Redskins, Seattle Seahawks, Kansas City Chiefs and New York Jets all have been rumored as possible destinations for Manning.

 

Tony Dungy, Manning’s former coach with the Colts who is now an NBC analyst, said Wednesday in an interview with ESPN Radio’s “Mike and Mike in the Morning” that Manning will consider signing anywhere except with an NFC East team, where he would have to challenge his brother Eli for a division title and playoff spot.

 

“I don’t think he’d want to be in direct competition for a playoff spot against the Giants,” Dungy said. He said he believes Manning can run any style of offense but that “managing the expectations will be the biggest issue” for the quarterback.

 

Cardinals defense tackle Darnell Dockett tweeted “Peyton to AZ!!!!!” on Tuesday night and then expounded on his hopes his team would sign Manning in an interview with the NFL Network.

“I don’t have anything against our quarterback (Kevin Kolb) we have now,” Dockett said. “I feel confident in him. Who wouldn’t want to play with Peyton Manning?

 

“We are a team that is a few pieces away from getting back to the big game. We got a perfect fit for him in Arizona. He can get his number and I’ll get him parking passes, free doughnuts on Saturdays. I’ll make sure my guys clean his cleats up real well. I’ll give him all my connections, even my barber.”

 

In the two decades predating his arrival, the Colts won 116 games, one division title and made the playoffs three times. With Manning taking snaps, the Colts have won 150 games, eight division titles, two AFC championships and the franchise’s first league championship since moving from Baltimore in 1984. Indianapolis broke the NFL record for most regular-season wins in a decade (115), and tied Dallas’ mark for most consecutive playoff appearances (nine).

 

Manning is one of four players with more than 50,000 yards passing, one of three with more than 350 TD tosses, and one of two quarterbacks with more than 200 starts in a row. He broke all of the franchise’s major career passing records, previously held by Hall of Fame quarterback John Unitas.

 

Colts backup QB Dan Orlovsky, who led the Colts to their only two wins last season in Manning’s absence, told ESPN’s Josina Anderson that “this situation stinks.”

 

“It’s sad that a guy like him who has been so successful doesn’t get a chance to finish his career in Indy,” Orlovsky said. “I’m sure this was a tough situation for Mr. Irsay. I know he is trying to be as fair to Peyton as possible, but I’m sure he will play again. It will be very odd to see Peyton in a different uniform, but you learn in this business that everyone has the ability to get cut at some point. Hopefully, moving forward, people can really celebrate his time with the Colts, and not worry about the cloud hanging over the ending of an era.”

 

WRITTEN BY Information from ESPN senior NFL analyst Chris Mortensen, ESPN NFL Insider Adam Schefter, ESPN NFL reporter Josina Anderson and The Associated Press was used in this report & FULL STORYÂ