According to Pro Football Talk’s Michael David Smith, the Colts plan to announce the departure of quarterback Peyton Manning on Wednesday March 7:
The Peyton Manning era in Indianapolis is coming to an end on Wednesday.
The Colts will officially do what has been widely expected for months and formally announce that they’re releasing Manning on Wednesday, ESPN’s Chris Mortensen reports. Manning and Colts owner Jim Irsay are expected to attend a joint announcement.
Now that he’s a free agent there will be plenty of suitors, including the Jets, to try and acquire Manning’s serves next season.