Arizona, Miami, Seattle, Tennessee, Washington, Denver, and the New York Jets all have been rumored as possible destinations; Manning's former offensive coordinator in Indianapolis, Tom Moore, worked for the Jets as a consultant last season.
Immediately after the Indianapolis conference, Manning flew to Miami - where he owns a condo in South Beach - on a private plane. He later told a herd of media that South Florida is not necessarily his final destination.
"I'm throwing it pretty well. I've still got some work to do; I've got some progress to make," Manning said at Indianopolis. "But I've come a long way. I've really worked hard. I can't tell you the hours and the time I've put in."
Manning turns 36 this month, but his importance to the Colts' success was never more apparent than in 2011, when their record plummeted to 2-14 without him.
"Peyton is on the mend to try to resume his career," Irsay noted.
Manning and Irsay each paused frequently, fighting tears and their voices shaking, as they appeared together at a news conference at the Colts' team complex. It was an unusual and awkward scene, two men whose NFL lives have been so closely intertwined, standing side-by-side in jackets and ties as they told the world they were splitting up.
"This has not been easy for Jim," Manning said, "and this has certainly not been easy for me."
Indianapolis needed to cut Manning this week to avoid paying him a bonus from the $90 million, five-year contract he signed in July, although both owner and player insisted the decision was not really about money. The Colts are widely expected to begin moving on by taking Stanford quarterback Andrew Luck with the No. 1 overall pick in April's draft.