ESPN's Adam Schefter reports Manning will not push back his $28 million roster bonus due on March 8. The league year doesn't open until the following week so that essentially means that Manning won't be traded. The Colts wouldn't eat the bonus money and then trade him a week later when the trading season opens.
So the Colts options are believed to be either release Manning or keep him on the roster next season. With his neck injury and the uncertainty surrounding it, a release is possible. If he's healthy enough to play, the Colts very well could keep him in Indy next season.
The next step is seeing how well Manning's next injury progresses in the weeks leading up to March 8.
For more on Manning and the Colts, check out Stampede Blue.