The Indianapolis Colts and Peyton Manning continue to work toward a long-term contract. But for the time being, he'll take the franchise tag. The Colts placed the tag on the four-time MVP on Tuesday. ESPN's Chris Mortensen reports it's an exclusive-rights tag, the same given by the Eagles to Michael Vick earlier in the day. The exclusive-rights tag means no other team can offer Manning a contract. By tagging Manning, the Colts agree to pay him the average of the top five salaries at his position in 2011. That number is somewhere around $23 million, but the two sides hope to get a more lucrative deal done prior to next season.

Fantasy Analysis:

Manning will be 35 years old next month and obviously remains one of the best players in football. It looks like his fantasy owners will have to put up with a few extra interceptions than were used to with Manning (he threw 14 or fewer picks from 2003-2008 and then threw 16 and 17 interceptions in 2009 and 2010, respectively). But barring injury, he is a lock for at least 4,000 passing yards and 30 touchdowns. Father Time will have to start stealing of his ability at some point, but there's no reason to think that train will falter in the upcoming season. Although he's no longer No. 1, Manning is an easy top-five fantasy QB.