Colts place franchise tag on Manning

Sports Network

, Last Updated: 6:38 PM ET

Indianapolis, IN - The Indianapolis Colts have placed their franchise tag on Peyton Manning, locking up the star quarterback for next season while the two sides continue to work on a long-term deal.

Colts owner Jim Irsay announced the move on his Twitter feed.

Manning was among a handful of players who were franchised by their teams on Tuesday as the February 23 deadline for such a move approaches.

He just finished the final season of the seven-year deal he signed in 2004, which paid him close to $100 million. Under the franchise tag, he will earn the average salary of the top five-paid quarterbacks next season, or 120 percent of his previous salary if it is greater.

Manning, a four-time MVP, is likely to become the highest-paid player in the NFL when he hammers out a new deal with the Colts after the league's labor dispute is settled.

He has never missed a game in 13 seasons for the Colts, passing for 54,828 yards and 399 touchdowns in 208 consecutive starts. He guided the team to a Super Bowl title after the 2006 season.


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