NFL.com - If Peyton Manning doesn't play another down in the NFL, the Colts may not be responsible for his five-year, $90 million contract.

He signed the new deal on July 31.

NFL Network's Michael Lombardi reports that Manning would be eligible for termination pay in the amount of $1 million in 2012 and $500,000 in 2013 if his recent neck surgery prevents him from playing again, according to a league source.

Manning's contract includes a $28 million non-guaranteed option and a separate $28 million non-exercise fee in place if Indianapolis chooses not to pick up the previous option, the source told Lombardi.

According to Lombardi, terms of the deal leave a small window in which the Colts could cut Manning and not pay either sum, meaning he would earn $26.4 million in 2011.

Manning underwent single anterior fusion on his neck Thursday -- his third neck operation in the past 19 months.