Indianapolis Colts owner Jim Irsay plans to meet with Peyton Manning next week, but no decision will be made about the veteran quarterback's future until March at the earliest.

Manning is owed a $28 million option bonus on March 8. Should the Colts elect not to pay him, Manning would then become an unrestricted free agent.

Irsay told the NFL Network that he doesn't plan to make a decision based on sentiment or money - but rather reality.

"If it helps us win, I'll pay it in a second. But when it comes to salary cap ... we have real cap problems," Irsay said. "You can't make a decision that straps you for the next three seasons.

"If we make a decision based on just affection, and we have cap problems for three years, the fans will call me an idiot."

Manning declared on Tuesday that he is not planning on retiring after sitting out all of this season following his third neck surgery.