NFL

Jets among teams to chase Peyton after release by Colts

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INDIANAPOLIS — Let the Peyton Pursuit begin.

The biggest one-player frenzy the NFL has ever seen is officially under way after the Colts announced the release of Peyton Manning here yesterday during a classy and emotional ceremony at team headquarters that included the four-time league MVP himself.

With just one former teammate — center Jeff Saturday — looking on, Manning’s departure from the only franchise he has ever known after 14 mostly sensational seasons was announced by teary-eyed owner Jim Irsay and promptly blamed on the rebuilding Colts’ salary-cap woes and a looming $28 million bonus due their iconic QB.

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“In the end, the circumstances [preventing Manning from staying] were too difficult to overcome,” said Irsay, who appeared to contradict himself moments later by claiming the decision “has never been about money.”

Manning immediately became an unrestricted free agent at 4 p.m. yesterday after the Colts submitted his release to the league, and the Jets are expected to be right in the thick of a heated, multiteam chase for his services.

Although Manning said during the 20-minute news conference he “hadn’t thought yet about where I will play,” the Dolphins, Seahawks, Cardinals, Redskins, Chiefs, Browns and 49ers are all expected to join the Jets in the chase for his services.

The Jets were in contact with Manning’s representative shortly after he was released, a source told The Post.

The looming question, however, is whether Manning, who will turn 36 this month, can still play after four neck surgeries in the past two years that robbed him of his arm strength and forced him to sit out the entire 2011 season.

One thing is for certain: Manning has no plans to hang up his cleats anytime soon, even though Irsay announced that the Colts are retiring his No. 18 jersey effectively immediately.

“I don’t want to retire,” Manning said. “Nobody loves their job more than I do. Nobody loves playing quarterback more than I do. I still want to play.”

Manning has yet to throw publicly (although a clandestine video of some impressive throws surfaced late last week), and he admitted yesterday he “still [has] some work to do” to regain the arm strength that helped him throw for a staggering 54,828 yards and 399 touchdowns in his career.

“I’m throwing it pretty well,” said Manning, who has been working out privately in South Florida and North Carolina with former teammates. “I still have some progress to make. I’ve come a long way. I’m doing better, I’m going to continue to work hard, and hopefully I’ll keep making some progress.”

That was hardly a ringing self-endorsement, but league executives say it doesn’t necessarily mean Manning — assuming his neck can pass a physical with another club — will have to settle for an incentive-laden deal with his next team.

Even with the huge question marks about his health, Manning still has enormous leverage because so many clubs — especially the Dolphins and owner Stephen Ross — have made it clear through private channels they will pursue him hard.

“I have no idea who wants me, what team wants me, how this process works,” Manning told a group of reporters in South Florida, where he has a home and flew after the announcement. “I don’t know if it’s like college recruiting where you go take visits. I mean, this is all so new to me.”

One NFL source said he could see Manning still getting $15 million or more in guaranteed money for the upcoming season, with the provision that he sign an injury waiver.

Manning did not address the Jets or any other team specifically during yesterday’s news conference, but former Colts coach Tony Dungy told ESPN the presence of brother Eli Manning with the Giants wouldn’t necessarily disqualify the other New York team.

Dungy said Peyton Manning would be much more likely to rule out playing for an NFC East team like the Redskins, where Manning would have to face Eli twice a year and potentially knock him out of the playoffs, than he would an AFC team such as the Jets that didn’t have the Giants annually on its schedule.

Manning, however, didn’t want to talk about any of that here yesterday.

“This town and this team mean so much to me,” Manning said. “It truly has been an honor to play in Indianapolis. I do love it here, I love the fans and I will always enjoy having played for such a great team. I will leave the Colts with nothing but good thoughts and gratitude.”

Irsay, who is now expected to draft Stanford quarterback Andrew Luck with the No. 1 pick in next month’s NFL Draft as Manning’s replacement, said yesterday’s move was necessary due to the Colts’ precarious state after last year’s 2-14 disaster.

That reality didn’t make the move any easier for Manning.

“I’ve been a Colt for almost all of my adult life,” he said. “But I guess in life and in sports, we all know that nothing lasts forever. Times change. Circumstances change. And that is the reality of playing in the NFL.”

bhubbuch@nypost.com