UPDATE: Video from Manning’s press conference with Jim Irsay is available here.

It was reported yesterday that the Indianapolis Colts would be cutting ties with franchise quarterback Peyton Manning on Wednesday, one day before Manning’s $28 million roster bonus comes due.

While we’re still not entirely sure that this is the case, Manning and Colts owner Jim Irsay will hold a press conference today to make the announcement.

Here’s the live stream of that press conference:

And here’s more on the situation:

ESPN broke the news that Manning would be released yesterday evening, but the fact that Peyton is moving on has also been confirmed by his older brother, Cooper.

This would mark the first time in his career that Peyton Manning will be a free agent since he was drafted first overall by the Colts in 1998 after graduating from Tennessee.

Manning will no doubt have lots of suitors – the Washington Redskins, New York Jets and Miami Dolphins have been among those teams rumored to be hankering for his services, but plenty of other teams could utilize an all-pro quarterback like Manning. The $90 million contract that Manning signed with the Colts in late July of 2011 may be the benchmark for his next contract, although teams will have to be wary of just throwing heaps of money at a 36-year old quarterback with a history of neck problems.

Here’s more on the Manning situation from The Indy Channel:

Manning and Irsay arrived together in Indianapolis late Tuesday night on Irsay’s private plane.

“It was a long, emotional flight,” Irsay tweeted early Wednesday morning. “Now the sun is trying to rise.”

As they were leaving the airport, they stopped to talk to the media. RTV6 sports reporter Jason Spells asked them if they were happy about the decision.

“We’re good, right Jim?” Manning said, smiling throughout the impromptu interview. “We’re good. We’re going to talk tomorrow. We’re going to do it the right way tomorrow.”

Manning, who turns 36 later this month, missed the entire 2011 season after a third neck surgery. Before that, he’d never missed a game in his 13 NFL seasons.