Peyton Manning's immediate future is set.
According to ESPN's Chris Mortensen, the Indianapolis Colts have placed the franchise tag on their franchise quarterback, as they've yet to come to turns on a contract extension. According to Mortensen, the two sides will continue to work toward a new deal, but with the franchise tag, Manning is now set to earn $23 million.
If anything, the franchise tag buys the Colts some time. Although the future of the franchise tag — and the 2011 season for that matter — remains up in the air, placing the tag on Manning now allows the Colts some time to try to hammer out the contract extension.
Colts owner Jim Irsay confirmed news of the decision on Twitter, but was quick to emphasize that the Colts were still trying to come to terms with Manning on a long-term extension as well.
Much of Manning's future, and the franchise tag's future in general really is contingent upon the new collective bargaining agreement.
