Well, after all of the madness that has gone on in the last few days, I think I've got a handle on the current situation (sorry about not updating yesterday, had a wedding to attend).
First, PEYTON MANNING IS SIGNED!!!!! His deal is being reporting to be for five years, at a total of $90 million. Manning will be paid $23 million for the first three years, and then 10.5 for the final two years. Apparently after the new TV deal in 2013, Manning's deal will be restructured to give him a bit more. The cap hit for 2011 will be roughly $16 million, giving the Colts a little more wiggle room to sign people in the next few days.
Second, it turns out that Ryan Diem isn't gone after all. While it was rumored that he was cut, it turns out that he either restructured his deal, or was cut and then signed a new, one year deal. Either way, he's back for 2010, for good or for bad. My expectations? He starts for a few games, but Link takes over halfway through the season. Well, that's my hope anyway.
Third, Kelvin Hayden has been cut. Personally, I think it's a mistake to cut Hayden and keep Diem, considering that Hayden is better at his job than Diem is at his, and Diem provided more cap relief (although, he did take a pay cut, so I'm not sure how that works out). I still think Hayden is a decent starter in our system if he stays healthy, and we don't have a proven starter to take his place. Perhaps this is a good sign for what the staff sees in young guys like Kevin Thomas and Chris Rucker.
Fourth, the Colts officially announced the resigning of Eric Foster (we announced yesterday), Mookie Johnson, Kyle DeVan, and Michael Toudeze. Also, Dan Muir is a Ram, and won't be back to the Colts. A flurry of expected moves which are all good in my opinion, as Mookie is our best 1-tech DT (unless Drake Nevis pans out as an NT) and DeVan is our best guard.