Manning can now be signed by any team and not affect their compensatory picks for 2015. The Bengals stand to get at least a 3rd and a 4th rounder for losing Anthony Collins and Michael Johnson in free agency, which has caused them to be reluctant to sign any free agent who didn't have his contract terminated this offseason.
Manning was due to make $4.5 million this season, and had been previously asked to take a pay cut. He played the last three seasons in Houston after playing his first five seasons in Chicago.
Last year, he started the first six games of the season for the Texans but suffered a season-ending fractured fibula, and had a meager -2.3 grade by Pro Football Focus. This, after a -4.2 grade in 2012 in 1,186 snaps.
Anyone who signs Manning will do so only as a matter of adding a decent backup with veteran experience. Bengals new Bengals co-defensive backs coach Vance Joseph has worked with Manning for the past three seasons in Houston, the Bengals may be the early favorites to sign him if they want him.