Great article on NFL.com that talks about the surgery that Manning went thru (we all know), and has commentary from a surgeon who suggests that if Tom Condon (Manning's agent) is being truthful, and that Manning is gaining strength, the nerve generation has come out of a dormant mode and will continue to improve. It will not degenerate.
He goes on to talk about the release to play that Manning received, meaning that his spine has thickened enough that he can safely take hits. That doesn't mean he can play quarterback.
So, if he continues to heal, and he can work out a deal with Irsay, he will be back. <- Opinion based on two big if's.
Here's the article:
@DougEngland Doh!! One day I shall figure out this posting process and be able to show it proudly next to the zero comments I usually get! Long live the monkey!
This would explain why nothing has happened yet as the pace of regeneration may provide a great deal of guidance as to the eventual outcome. It could also explain some of the discrepancies we've been hearing about Peyton's throwing abilities - perhaps regeneration had not started yet at the end of the season when the Colts were doing their preliminary evaluations of him, but is now showing steady progress.