It had become a formality for months and had been pinpointed down to the minute since yesterday. But shortly before noon local time on Wednesday, Indianapolis Colts owner Jim Irsay announced that the team has released quarterback Peyton Manning. Irsay and Manning held a joint press conference to announce the release. As expected, Irsay paid Manning many thanks for what he's meant to the state of Indiana, the city Indianapolis, and the Indianapolis Colts. Manning thanked the organization and the fans for 14 great years and wouldn't speculate on where he will play next. But he expressed confidence that he will be able to play in 2012.

Fantasy Analysis:

It was a very emotional presser. Irsay cried. Peyton cried. The mutual respect was palpable. This wasn't easy for either side, but it was something that had to be done. We know what's next for the Colts: Andrew Luck. For Peyton, let the sweepstakes start as Manning is an unrestricted free agent as of now. The Jaguars, Dolphins, Redskins, Seahawks, Cardinals, and Jets seem to be the list of teams lining up to make a pitch. And hey, maybe there will be a mystery team! Right now, Manning is the No. 9 fantasy QB on my list, and that's assuming that he's able to put in a full 16 games next season. He can move up if he proves that he is indeed healthy and lands on a team with good weapons. But wherever he plays next, it will undoubtedly look very awkward to see Peyton Manning under center without that horseshoe on his helmet.