Irsay, the Indianapolis Colts' owner and chief executive officer, said whether that will happen before March 3 is far less certain.
Irsay, who has vowed for more than a year to make Manning the NFL's highest-paid player, said during a Thursday news conference that he has made Manning an offer that would make Manning the highest-paid player in league history, Mike Chappell of the Indianapolis Star reported.
"Negotiations are ongoing," Irsay said. "They're going well. My feeling is something will get done in terms of a long-term deal."
The Colts placed the NFL's "exclusive franchise" designation on Manning this week, which prevented him from becoming a free agent. He played last season in the final year of a seven-year, $98 million contract.
If Manning doesn't sign a long-term deal, he would play for $23.1 million next season. If he signs a long-term deal, Irsay said the framework is a four-year, $72 million deal signed by New England Patriots quarterback Tom Brady this past September.
"The framework is out there," Irsay said. "Brady and (Manning) have been compared to each other ... (they are) bound at the hip."
Irsay said the offer he made Manning is higher than Brady's contract, and that he believes Manning can effectively for at least five seasons.
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Source: http://nfl.fanhouse.com/2011/02/18/jim-irsay-says-hes-still-confident-colts-will-sign-peyton-manni/
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