First, I live in Indianapolis but I am not a Colts fan. So I'm no homer who loves the guy, and can be critical of his past performances.
Having said that, I can't see why teams are going to throw tens of millions of dollars at this guy. He's no savior.
We're talking about a 36 year old QB with four recent neck surgeries who hasn't played since the end of the 2010 season. Even then, he was showing signs of losing arm strength (ask Ron Jaworksi).
Now, that isn't to say he doesn't have some football left in him. But let's look at this carefully: in the last couple decades, every Hall of Fame caliber QB was retired by age 38 but one. Troy Aikman (34), Dan Marino (38 -- and bad), John Elway (38, and on top), Steve Young (38), Joe Montana (38). The only guy who had a good year past age 38 was Favre, when he took the Vikings to the NFC Championship game at age 39. He then fell apart. So why invest big bucks in a 36 year old when statistically speaking, you might get two years out of him?
I guess the answer is that you're one player away from a Super Bowl, and he's just the guy to get you there. But that misses a very obvious point (and something we know in Indianapolis): other than the one Super Bowl victory, Peyton Manning has a miserable playoff record. Eli is a better big game quarterback. It's ridiculous how many times the Colts had home field advantage and lost in their first playoff game.
Fans usually blamed the defense. But, if you look at Manning's record when the defense gives up 20 points or less, you find that he's a .500 quarterback -- 6-6. So Mr. Offense can't put more than 20 points on the board. In fact, he's the only Hall of Fame bound quarterback who doesn't have a winning playoff record when the defense gives up 20 points or less.
So why the love?