Except he's not healthy & I wouldn't gamble $28 mil (at least) on him ever being.
I think Peyton's career is over, unfortunately. Football players don't have 3 neck surgeries in less than 2 years & keep playing.
There is no upside to keeping Manning. They’re going to draw huge crowds over the next couple of years to see if Luck is the real deal. The money they save in not keeping Manning will enable them to add a number of very good players to support Luck, which will give the kid a chance to succeed. Even if Manning is healthy, which is far from certain, he’d have only about two good years left. Short-term competitiveness is not worth sacrificing long-term success. Let Manning go and build a statue in his honour when he retires from the NFL.
Ironically, the first two procedures were done in hopes the fusion surgery could be avoided. In the interim, the nerves became even more injured. I've read he is experiencing numbness in his fingers and weakness in his triceps, both on his right (throwing) arm. Doesn't sound like a $28M QB.
It is a shame, but that is football. Every player is one play away from retirement.