Option bonus: $28 million
Salaries (in millions):
2012: 7.4
2013: 8.4
2014: 9.4
2015: 10.4
Thus, in 2012 alone, if the option is exercised, Manning will make $35.4 million. As to those suggesting the Colts could exercise the option, putting them on the hook for $28 million, and then trade Manning, I would highly doubt that scenario. Irsay may be a bit eccentric, but he is not going to spend $28 million to then have another team receive that value. He does not want to trade Peyton Manning, and will certainly not do so after paying him $28 million!
Thus, if the option is exercised, on top of the $26.4 million Manning made in 2011, Manning's earnings for the two-year period of 2011-12 will be almost $62 million. He will be a Colt for the life of his career and be paid more than any player in the NFL for such career.
Manning + Luck = $50 million for 2012
If the Colts exercise the option and also select Luck with the top pick in the Draft, they will be committing over $50 million for the quarterback position in 2012. While Luck's overall compensation will "only" be approximately $23 million over four years, he will receive a signing bonus and salary of more than $15 million in the first year of his deal. That is an untenable amount of money for that position, especially when the Colts paid over $32 million at quarterback in 2011.