The Colts have applied the franchise tag to quarterback Peyton Manning, which based on his 2010 salary guarantees him a whopping $23 million in 2011. Though he’s unlikely to accept the tender offer, the amount provides the baseline for a long-term deal.
Agent Tom Condon told the Associated Press at the Scouting Combine that progress is being made regarding a possible long-term deal.
“We’re having conversations, so that’s a positive,” Condon said. “But I would agree with [Bill Polian] that nothing’s imminent.”
Negotiations may continue until a lockout is launched, which would shut down all business. There’s also a chance that the NFLPA will successfully challenge the use of the franchise tags for 2011, which possibly (but not likely) would make Manning an unrestricted free agent for the first time in his career.