INDIANAPOLIS, IN (The Spread) – The Peyton Manning era in Indianapolis has officially come to an end.

Colts owner Jim Irsay announced on Wednesday that his team will be releasing Manning after a 14-year run that included one Super Bowl victory, 11 Pro Bowl appearances and four MVP awards.

The 35-year-old Manning will become a free agent, and there is expected be interest from a half-dozen or so NFL clubs, provided he's healthy. Manning is coming off a series of operations to his neck and missed all of last season.

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Indianapolis needed to cut him this week to avoid paying him a $28 million bonus. The Colts are widely expected to begin moving on by taking Stanford quarterback Andrew Luck with the No. 1 overall pick in April's draft.

Despite Wednesday’s announcement, the Colts’ 2013 Super Bowl odds remain steady. They opened as 40/1 long shots to win next year’s title following the Giants’ victory over the Patriots in the 2012 Super Bowl, but their odds quickly climbed to 50/1, where they remain. The Colts’ odds to win the AFC championship game are now 23/1 after opening at 18/1.

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