Colts Owner Defends Decision To Release Manning, Draft Luck

Peyton Manning

Peyton Manning and Indianapolis Colts owner Jim Irsay attend a press conference announcing that the Colts would release Manning on March 7, 2012 in Indianapolis. (Photo by Joey Foley/Getty Images)

DENVER (CBS) – The Colts are fresh off a punchless loss to the Chargers on Monday Night Football and it’s “Peyton Returns to Indy!” Week in Indianapolis.

Whether coincidence or impeccable timing, Colts owner Jim Irsay, the man responsible for releasing Peyton Manning after the 2011 season and using the team’s first-overall pick in 2012 to take Andrew Luck, explained his decisions regarding the quarterback situation to USAToday.com.

“Circumstances created this decision,” Irsay said of the choice to part ways with Manning, who played 14 years in Indianapolis. “You have to understand there’s no way this occurs if [Peyton’s] in Indy. It’s just impossible, where our salary cap was. Having him stay at the type of number that he expected and deserved to earn and all those things.”

MORE FROM CBSSPORTS.COM: Irsay now defending decision to dump Manning

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