In the process, they end what's been a pretty darn successful business relationship.
12:21 p.m.: Manning got emotional once again as he thanks the equipment staff and others who are "behind the scenes." He added that those are the types of things he'll really miss.
Irsay says that he's hopeful that Manning finds success whereveer he lands, but is ready to focus on the reclamation project.
"We know how hard it is to win in this league. It's going to be a business. … We're a ways away."
12:16 p.m.: "I'm feeling closer. It sure feels comfortable, like home," Manning adds about his comeback efforts. "I'm working hard, but I've still got some work to do."
12:14 p.m.: While Manning's future is uncertain, Irsay knows what he and the Colts want to do.
He mentioned that the move is obviously part of a rebuilding process and that having Manning off the books will help in that process.
12:12 p.m.: "It's a departure from the Colts, but certainly not from the great city of Indianapolis," Manning says.
He also made a point to mention that the contract situation did not play a factor in the decision, and he also said that he hasn't really thought about his future.
12:08 p.m.: An emotional Peyton Manning just finished his statements. Here are some of the highlights.
"For 14 wonderful years, the only professional football I've known is Colts football. … I've been a Colt for almost my entire adult life. But in sports, as in life, not everything lasts forever.
"Our circumstances make it best for us to take the next step. This hasn't been easy for Jim, and it certainly hasn't been easy for me. … Jim, I will be forever grateful."
Manning got especially emotional when talking about his adoration for the fans and the city of Indianapolis.
"It truly is an honor. I will leave the Colts with nothing but good thoughts and gratitude. … Thank you very much from the bottom of my heart. I truly have enjoyed being your quarterback."
12:04 p.m.: Irsay: "This day, it's very difficult because of the great things that Peyton has done for our city, our state and our franchise. There will be no other Peyton Manning. It's been a special place in a special time over the last decade and we've been blessed to have him.
"As difficult as this is, I know that our journey hasn't ended, but it's only just begun," Irsay adds as he tears up.
"I can't thank him enough."
12:01 p.m.: Well, it's official. The Colts and Peyton Manning are done together.
Owner Jim Irsay also says that no one will ever wear the No. 18 jersey again.
He says that the Colts and Manning both thought it would be best for both sides to part ways, with the Colts looking to rebuild and Manning still having something left.
11:45 a.m.: Count Tony Dungy among those who feel that Peyton Manning still has something in the tank.
Dungy just said on the NFL Network (per Jason La Canfora) that "I think you are going to see the old Peyton Manning."
Of course, Dungy loves Manning, as the QB is the primary reason the former Colts coach has a ring. So it only makes sense that he'd believe in his former leader.
There's also another side of it that you could speculate that Dungy is in the know here and has been reassured that Manning is feeling good. Time will tell.
10:30 a.m. EST: By all accounts, Peyton Manning will no longer be a member of the Indianapolis Colts after Wednesday. The Colts are expected to release the 14-year veteran on Wednesday, a day before the March 8 deadline for them to pick up his option for the 2012 season.
The move would obviously pave the way for the Colts to move on and draft Andrew Luck with the No. 1 pick in this spring's draft, and it will mean that Manning will hit the open market where there is sure to be plenty of interest in one of the all-time greats. That is, of course, if this news conference isn't to announce that Manning is retiring because of the nagging neck problem's he's faced. Stranger things have happened.
Regardless, Manning is in Indy, and we'll find out more at noon on Wednesday. After all, neither Manning nor Colts owner Jim Irsay divulged much info on Tuesday when they arrived together in Indianapolis.
Check out the riveting video of that landing and departure below.
