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Manning's doctor and agent insist he's healthy.
"He is sound. He can take a hit. He can certainly play in a football game," Condon said. "How effective will he be? Probably not as effective as he would be in two to three months."
The Colts still aren't sure and will have to decide whether to pay a $28 million roster bonus by March 8 or risk losing him as a free agent.
Manning has said he does not expect to retire, and not everyone is convinced his career is over.
A group of Tennessee Titans placed an electronic billboard message on northbound I-65 on Friday: "Peyton you're going the wrong way." The highway runs between Indy and Nashville, Tenn.
Even some Colts fans want Manning to stay.
"It would be incredibly sad to see him go and I'd hate to be Irsay. I want him to stay," said Keith Harden, a 51-year-old Indy native who was wearing a Reggie Wayne jersey. "No, I don't think it's hurt his (Manning's) image. I think he's fighting to stay, and I like that."
But things could get much worse before Irsay makes his decison.
"Jimmy and Peyton have had a strong relationship for a really long time," Condon said. "They've been great friends besides the business relationship. But this is a tough time, there is potential that you could be separated from a team he's been a part of for a long time."
[Associated Press;
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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