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Colts Quarterback Peyton Manning To Receive Franchise Tag Tomorrow

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HONOLULU - JANUARY 30:  Peyton Manning #18 of the Indianapolis Colts looks for an open reciever during the 2011 NFL Pro Bowl at Aloha Stadium on January 30 2011 in Honolulu Hawaii. NFC won 55-41 over the AFC. (Photo by Kent Nishimura/Getty Images)
HONOLULU - JANUARY 30: Peyton Manning #18 of the Indianapolis Colts looks for an open reciever during the 2011 NFL Pro Bowl at Aloha Stadium on January 30 2011 in Honolulu Hawaii. NFC won 55-41 over the AFC. (Photo by Kent Nishimura/Getty Images)
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We learned this morning, through Indianapolis radio 1070 The Fan afternoon drive host John 'JMV' Michael Vincent, that Peyton Manning will indeed receive the Franchise Tag tomorrow:

#colts qb Peyton Manning to get franchise tag tomorrow according to ESPN. No surprise and lots of cash.

We wrote last week about how the franchise tag might not exist after March 4th, as there is no guarantee that it will be part of the new Collective Bargaining Agreement, whenever that is signed.  I think there will be a franchise tag going forward, but there may be some additional stipulations put on it (only 1 year, for example).  I also believe Colts Owner Jim Irsay when he says Manning will get paid.

This news isn't really a surprise.  If the franchise tag stays in 2011, and Manning plays under it (highly unlikely, but possible), he'd make somewhere in the $23 Million range.  Not too shabby.