Colts have a little more time to cut Peyton Manning, but they shouldn’t use it

The much-discussed $28 million option bonus that the Colts owe Peyton Manning can be paid, under the express terms of his contract, at any point between the second day after Super Bowl XLVI and “fourth day before the end” of the 2011 league year. It is commonly believed that, as a result, the Colts will…