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Peyton Manning: 'Nothing Lasts Forever'

INDIANAPOLIS (CBS) -- Peyton Manning is no longer the quarterback for the Indianapolis Colts.

It's a change that will be tough for the football world to adjust to, but it was made official Wednesday afternoon in Indianapolis.

"I guess in life and in sports we all know that nothing lasts forever," Manning told the assembled media. "Times change, circumstances change, and that's the reality of playing in the NFL."

For Manning, that reality comes in the form of parting ways with the Colts, who would have owed him $28 million if he remained on the roster this week. Both Manning and owner Jim Irsay said money was not the motivating factor, instead insisting that the two sides were simply at opposite ends of the spectrum. The Colts are in rebuilding mode, while the soon-to-be-36-year-old Manning only has a couple of years left to play for a Super Bowl.

"We always kept trying to come back to the circumstances that were before us," Irsay explained. "We tried to put each other in each other's shoes. We tried to realize what the situation was for the franchise, what it was for Peyton. In the end, those circumstances were too difficult to overcome. Circumstances that dictated to us, to the franchise, that really were unavoidable. It's something whereas we're going forward, be a rebuilding team with salary cap problems, and Peyton is on the mend [from multiple neck surgeries], trying to resume his career.

"We both wanted to be together," Irsay added. "It's been very difficult and just tearing at our hearts to try to look at the situation and try to find the best solution."

"I will leave the Colts with nothing but good thoughts and gratitude to Jim and the organization, my teammates, the media and especially the fans," Manning said. "I haven't thought yet about where I'll play but I have thought a lot about where I've been, and I've truly been blessed."

Both Manning and Irsay at times got emotional during the 20-minute meeting with the media.

"It's a difficult day here of shared pain between Peyton, myself, the fans, everyone," Irsay said. "I think in that vein as well, the [No.] 18 jersey will never be worn again by a Colt on the field."

Regarding the impending free-agent frenzy that will take place as teams vie for Manning's services, the quarterback said he's unsure of what to expect.

"I don't know what these next steps are. This is kind of new to me. This is the only team I've ever known," Manning said. "This is kind of uncharted territory for me, so we'll see how all of that plays out."

Manning said that he's been working out and feels he's making progress in his recovery.

"I'm throwing it pretty well," he said. "I've got some progress to make but I've come a long way. I've really worked hard. I can't tell you the hours I've put in to working hard. And I've enjoyed being out there. I feel closer and closer [to being myself]."

Manning stressed that while his relationship with the Colts is ending, his ties with the city of Indianapolis will never be broken.

"It's weighed real heavy on my heart," said Manning. "But yeah, I am at peace with it."

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