Peyton Manning will be an unrestricted free agent the second that he is officially released by the Colts on Wednesday. Free agency officially opens next Tuesday afternoon, but that only applies to players whose contracts expire then. Manning is under contract for one more year, four if the Colts pick up the $28 million option. Indianapolis plans to terminate the contract because it requires payment of $28 million, regardless of whether the option is exercised or not, before the start of the new league year on March 13. The quarterback can immediately talk with teams, work out for them and even sign a contract.