Andrew Brandt clarifies the recent analysis of Peyton Manning’s contract and confirms that the cap savings in 2012 were Manning released is indeed $1 million. He believes the cash aspect of the deal however is not tenable:
Again, if somehow, contrary to all indications, the Colts exercise the option on Manning and draft Luck, the combined cash to the two players – who play the same position – would be close to $51 million paid in 2012. Paying $51 million for two players at the same position, only one of which will play, is untenable.
To be clear Brandt is saying that the 2012 cap isn’t the issue but rather the $51 million cash outlay for two quarterbacks is a position most teams would not entertain. Given Brandt’s experience structuring Brett Favre’s contract you can trust that he understands how a scenario like this generally plays out.