Indianapolis Colts fail to finalise Peyton Manning's contract as lockout deadline approaches
The Indianapolis Colts have been negotiating quarterback Peyton Manning's contract for some time now but progress is not being made quickly enough. Colts owner Jim Irsay has confirmed that the quarterback was given a contract extension which was worth more
annually than the contract the New England Patriots gave to quarterback Tom Brady.
Before Brady signed his contract with the Patriots, Manning was the highest paid player in the National Football League (NFL). Irsay has said that he has no reservations about making Peyton Manning the highest paid player once again but no contract has been
finalised yet.
“We're having conversations so that's a positive,” Manning’s agent, Tom Condon said while attending the NFL scouting combine. He added, “But I would agree with him (Colts Vice Chairman Bill Polian) that nothing's imminent.”
Manning and the Colts have until 3rd March, when the current collective bargaining agreement (CBA) expires, to finalise a deal. If the sides can’t strike a deal by then, the Colts will have to wait until there is a new CBA before they can sign
any contracts with players.
The colts have already placed the exclusive franchise player tag on Manning. The franchise tag guarantees 120 percent of a player’s previous salary or the average of the top five highest paid players on that position, whichever is higher.
The franchise tag pays Manning almost $23 million guaranteed for the 2011–12 season. Manning was scheduled for free agency at the end of the current season however, now that the Colts have applied the franchise tag to Manning, he will stay with the Club
until the contract extension is signed.
That is if the franchise tag is valid. The Players Association (NFLPA) has maintained that without a collective bargaining agreement, the franchise tags are meaningless. However, it is safe to assume that a new CBA will also include a franchise tag in some
shape or form.
It is still not clear what the status of franchised players will be when the new deal is in place. Manning's agent Condon told reporters, “The players association and the management council have different interpretations about whether you can franchise any
player. We really don't know what it means, and the players don't recognise the tag.”
Condon said that both the Colts and his client, Manning would prefer to get a deal signed before the deadline expired, but maintained that there was no urgency.
In addition to Manning, the Colts have to sign a few other high profile players who are entering free agency. The Colts though, have made it clear that Manning is the priority. The Colts will be prohibited from contacting any player that they fail to sign
before the expiration of current labour deal.
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