Peyton Manning’s 14-year career as an Indianapolis Colts will reportedly come to an end Wednesday and the NFL betting world will now wait for his next move.

ESPN’s Chris Mortensen reports that the Colts will cut Manning to escape a $28-millon cap hit and a press conference is scheduled for Wednesday. Both Manning and Colts owner Jim Irsay are expected to be in attendance.

After news of Manning's imminent release, oddsmakers began shuffling team futures odds for the Super Bowl on Tuesday evening.

According to Todd Fuhrman, senior sportsbook analyst at Caesars Palace, his book dropped the Cardinals from +6000 to +4000, the Redskins from +4000 to +2500, and the Dolphins from +4000 to +2500.

The 35-year-old quarterback missed all of last season after undergoing multiple neck surgeries, leaving the Colts in disarray and turning the NFL gambling community on its head. Indianapolis won just two games outright and covered only six times without the veteran quarterback.

The Colts’ season win total was still set at 10 before books started pulling their numbers, when word came out that he would miss significant time.

The reaction from oddsmakers wasn’t surprising. Initially, our man behind the window, Sterling Ross, estimated that Manning was likely worth six or seven points on any Indy pointspread you’d see throughout last season.

A few weeks later, Ross checked in again and reported that some books had Manning worth as many as 12 points on their weekly lines.

Following Wednesday’s press conference, the Colts will presumably turn the page to focus on a team led by a rookie quarterback.

The Colts own the No. 1 pick in this year’s entry draft and they are expected to make Andrew Luck, or possibly Robert Griffin II, the top overall selection. Indianapolis’ 2012 season win total opened at 6.5 back in January.

Meanwhile, Manning is set to become the NFL’s most prized free agent in recent memory.

Oddsmakers quickly posted odds about where Manning might play in 2012 and Arizona drew some early action as Cardinals supporters drooled over a possible Manning-Larry Fitzgerald combination.

Then last week, an online sportsbook took some significant action from bettors thinking Manning may land with the Kansas City Chiefs.