Pezz - In your context you are absolutely right. The colts cannot afford to simply make a 28 million dollar bet.
I suppose I should have elaborated earlier. There has been a reported rumor that Manning is willing to restructure his contract. I am also aware of a reported rumor that suggests that he cannot do this per the CBA and/or the NFLPA's wish that he not do this as it could affect future deals with other players. So we will see how all of this washes out.
As much as it pains me to say so, I am on board with the notion that the colts can't pay Manning 28 million. That has to change, and if it cannot, then they have to cut him loose.
The fact is that the general public has yet to see Manning throw a ball. I know that Joseph Addai was quoted as saying that Manning was throwing in December with "zip" and Polian said he was throwing with velocity on balls 20-25 yards, but we've heard nothing since.
Difficult situation for the colts, but I think the deal has to change for Manning to come back.