New deal? Colts owner hopes to sign MVP Peyton Manning to contract extension when season ends

Irsay hopes to extend Manning’s deal after season

MIAMI — Colts owner Jim Irsay hopes to sign Peyton Manning to a contract extension when the season ends, a move that could make him the four-time MVP the highest-paid quarterback in league history.

Manning’s contract is set to expire after the 2010 season, but Irsay doesn’t want to wait. A new deal could keep Manning in Indianapolis for the rest of his career, something Irsay would like to do.

The Colts will try to win their second Super Bowl under Manning on Sunday against New Orleans.

Manning signed a $98 million deal in 2004. His brother, Eli, has since signed a six-year, $97 million contract, giving him a higher per-year average than his brother. Irsay said he will use that as a benchmark when re-signing Peyton.