The Facts: Mike Chappell of the Indianapolis Star reports the Colts have a fall-back option when it comes to retaining Manning. If a long-term contract can't be arranged before the collective bargaining agreement expires March 3, the Colts will exercise the "franchise" tag, which can be used starting today and must be issued no later than Feb. 22.

Diehards Line:The one-year contract would pay Manning approximately $23 million for 2011, and the "exclusive" variety of the tag would keep him from testing his value on the open market. Colts president Bill Polian offered no update on his discussions with Tom Condon, Manning's agent. "It'll get done when it gets done," he said Wednesday. "We're in a very, very unsettled situation as an industry, so I don't have any timetable specifically." Polian and Condon last talked in late January.