Today, the Colts announced that Nate Davis was cut from the squad (per JMV from 1070 The Fan):
Nate Davis #cilts--Cut today..
I'm assuming #cilts was supposed to be #colts. Easy mistake.
Anyway, the cutting of Davis, who never looked good in camp or in Saturday's game (3/7 for 36 yards), merely means that the backup spots will be Painter and Orlovsky.
While some have speculated that Peyton may be closer to returning, I doubt this means anything other than that the Colts have no confidence in Davis, and aren't going to waste his time.