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Peyton Manning Given Franchise Tag By Indianapolis Colts

Peyton Manning and the Indianapolis Colts still don't have a long-term contract in place so the Colts aren't going to take any chances of him getting away. ESPN's Chris Mortensen reports the Colts have placed the franchise tag on Manning. 

However, both sides are going to continue to work on a long-term deal. Manning's contract is expected to be among the largest we've ever seen in the NFL which means they may want to wait until a new labor deal is worked out between the NFL owners and players.

The 2011 franchise tag number is expected to be just under $16 million. Because Manning made more than that in 2010 (just over $19 million), he will receive 120 percent of his 2010 salary. That means he'll receive over $23 million in 2011 under the franchise tag.

The Colts are using the franchise tag as it was intended here. This buys them some time to wait out a new labor deal, or simply more time to work on a long-term contract with Manning. The bottomline is that he's not going anywhere.

To see what Colts fans are saying, check out SB Nation's Stampede Blue.