From the National Football Post:

Should the Indianapolis Colts be unable to get a contract extension hammered out with quarterback Peyton Manning by the time the collective bargaining agreement expires, they're planning to use the franchise tag to hold onto him.

It would cost a staggering $23 million to prevent Manning from becoming a free agent, according to the Indianapolis Star.

The Colts continue to negotiate with Manning's agent, Tom Condon, but no deal is imminent.

"It'll get done when it gets done," Colts team president Bill Polian said. "We're in a very, very unsettled situation as an industry, so I don't have any timetable specifically."

As for the franchise tag, Polian said the team is prepared to use it if needed.

"As matter of course, as we did (in 2004)," Polian told the Star.

Added owner Jim Irsay: "If it ends up being the tag and then something getting done in the summer, that could happen, too."