According to Colts.com, the team has signed reserve QB Shaun King to a deal. No info on contract length or value.

So does this mean the end of the road for Jim Sorgi?  If the earlier rumors are true, this could be the last straw. It's too bad, because I've been a big fan of Sorgi's abilities to step in and mop up games - not to mention he's a backup QB who knows the Colts' complicated offensive system.

Hopefully at least one of the three other QBs on the roster, Josh Betts, David Koral or now Shaun King, can pick up the system quickly in case the unthinkable happens to Manning.

King's career numbers, from the Colts.com article:

For his career, he has started 24 of 34 games, completing 415 of 738 passes for 4,566 yards and 27 touchdowns with 24 interceptions and a 73.4 passer rating.
Solid, but certainly not spectacular. In other FA news, WR & return man Terrence Wilkins has come back to the Colts and WR Roscoe Crosby was released.