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Too expensive to keep him and the 3 surgeries in a year seems to be the main reasons.
He was owed $28 million in bonuses alone to go along with his $20+ million per year contract (4 years left). The three surgeries was due to each one having complications so no guarantees he wouldn't need a 4th one once the season got under way.
There were rumors weeks ago about Luck not willing to be a backup QB if the Colts took him and the mess with management sort of left a sour image on Peyton.
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