With the Colts having the first overall pick in the upcoming 2012 Draft (which contained highly rated quarterback Andrew Luck out of Stanford), and with Manning due a $28 million roster bonus, he was released on March 7, 2012. Earlier, the Colts dismissed vice-chairman Bill Polian (who in his previous capacity as general manager drafted Manning), general manager Chris Polian, and head coach Jim Caldwell as a precursor to rebuilding the team.