Cutting Peyton gives Colts $16 million in dead money

By releasing quarterback Peyton Manning, the Colts avoided paying Peyton Manning $28 million in cash, as well as carrying a $17 million cap charge in 2012. Per a source with knowledge of Peyton Manning’s contract, cutting him results in $16 million in dead money. It comes from the $20 million signing bonus Peyton received in…