INDIANAPOLIS (AP) -- Colts owner Jim Irsay says the team is releasing quarterback Peyton Manning after a 14-year run that included one Super Bowl title and four MVP awards.

Irsay and Manning are appearing together Wednesday at a news conference at the Colts' team complex to announce the move.

The 35-year-old Manning will become a free agent, and there is expected be interest from a half-dozen or so NFL clubs, provided he's healthy. Manning is coming off a series of operations to his neck and missed all of last season.

Indianapolis needed to cut him this week to avoid paying him a $28 million bonus. The Colts are widely expected to begin moving on by taking Stanford quarterback Andrew Luck with the No. 1 overall pick in April's draft.