Jim Irsay, the owner of the Indianapolis Colts, is trying to rebuild his team from the top down. So far, it’s not going too well.

Vice chairman Bill Polian, general manager Chris Polian, head coach Jim Caldwell and most of Caldwell’s assistant coaches were relieved of their duties by Irsay after the Colts finished the 2011 season with a dismal 2-14 record. Not to mention, the Colts’ four-time NFL MVP quarterback, Peyton Manning, did not play the entire season due to a neck injury.

With the finish this season, the Colts own the first pick in the April NFL Draft. Many reporters, analysts and fans believe that the Colts will take Stanford quarterback Andrew Luck with their top pick.This raises the question of what the Colts should do with Manning, the only quarterback besides Johnny Unitas to lead the Colts to a Super Bowl win.

Adding Luck to the roster will not only create a stiff quarterback competition when training camp begins, but will also put pressure on the Colts’ expenses. Manning is due a $28 million bonus on March 8. In order for Luck to sign, the rookie will most likely require a pretty-penny for his services. Even though the NFL has instituted stricter pay scales for rookies, Luck will look at the contracts of the previous three top picks when negotiating his contract with the Colts. The contracts for those last three top picks, all quarterbacks, averages $68 million. Paying two players astronomically high salaries is not economically feasible for the Colts.

This, however, is where Irsay and Manning can lay the groundwork for the future of the organization. If I were Jim Irsay, I would look at the opportunity the Colts have. Irsay and Manning should realize that they can pick up a franchise quarterback when the Colts bring in Luck, a two-time Heisman Trophy runner-up.  The Colts should restructure Manning’s contract so that the team can afford to pay both Manning and Luck. This will allow Manning to teach Andrew Luck about the nuances in the NFL.

The last time the Colts had at least ten wins in a season before Manning arrived was in 1977.  Since the arrival of Manning in 1998, the Colts have finished with at least ten wins 11 times. Manning transformed the franchise, the city of Indianapolis and gave an entire generation of aspiring NFL quarterbacks a great role model. Now is the time for Manning to give back to the franchise and its future.