This sounds more like a technicality than anything else, but the Indianapolis Colts' real deadline on Peyton Manning is actually Friday, not Thursday, as has been previously reported. NFL Network's Jason La Canfora has a report on the Manning saga and where it stands now.
Per the contract, the non-exercise payment date is set for two days before the start of the new league year (the option bonus itself is set for five days before next Tuesday's start of the league year). As a result, the non-exercise payment is Sunday.
The league year ends on Tuesday, March 13. So two days before the new league year is Sunday, March 11, and that's the final day the Manning decision comes down to, not Thursday, March 8.
But here's where it gets tricky: all league business must be completed by 4 p.m. ET on Friday for it to count that week. So, really, the Manning deadline is this Friday. But there's no reason for them to wait unless there's a legitimate effort to re-sign him to a new, team-friendly deal, and that shouldn't be happening. The Colts would only be delaying the inevitable by waiting.
So this report gives the Colts another day to officially make the decision to cut Manning but, really, it doesn't change anything. It means about as much as Manning's ability to throw cats, as you can see in the video below (courtesy of @SBNStudios):