The Colts are set to announce that they are releasing Peyton Manning tomorrow. It's an end of an era, and sad to see—despite the fact that I am not a Colts fan. That being said, I think it's probably the right move for the Colts in the long run.
As for where Peyton lands, I'm not sure, but ESPN has predictions. My guess is Miami (sadly, I hate to see Henne get ousted, even though he has struggled there), but we'll see.