By Larry Hawley
6:02 PM EST, February 15, 2011
The saga of Peyton Manning's new contract now has a new twist.
According to the Twitter account of Colts owner Jim Irsay, the Colts have placed the franchise tag on the quarterback.
"We have placed the Franchise Tag on Peyton while we continue to negotiate a long term deal," said Irsay verbatim his Twitter account at around 5:30 P.M. Tuesday afternoon.
By definition, this means the Colts must offer him a one year contract that is the average of the five top salaries at his position in the NFL.
Manning's contract expired at the end of the 2010 season when the Colts lost to the Jets in the AFC Divisional Playoffs.