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Cardinals Retain Kolb With $7 Million Bonus, End Manning Chase

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March 16 (Bloomberg) -- The Arizona Cardinals have decided to retain quarterback Kevin Kolb, a $7 million investment that ended the National Football League team’s pursuit of four-time Most Valuable Player Peyton Manning.

The Cardinals kept the 27-year-old Kolb on their roster past today’s 4 p.m. Eastern deadline, activating a $7 million bonus in his contract, team spokesman Mark Dalton said in an e-mail. The news comes the same day that ESPN reported the 35-year-old Manning, the league’s most-coveted free agent, worked out earlier this week with the San Francisco 49ers and intends to throw for the Denver Broncos and Tennessee Titans.

“Acquiring Peyton Manning is no longer an option for us,” Cardinals coach Ken Whisenhunt said in an e-mailed release. “In the end it didn’t work out, but from our perspective it was very positive and we certainly don’t have any regrets about it.”

Kolb signed a six-year, $65 million contract with Arizona last year after a trade from the Philadelphia Eagles, according to the NFL Network. The team finished 8-8 in 2011, failing to make the playoffs for the second consecutive season.

-- Editor: Rob Gloster

To contact the reporter on this story: Eben Novy-Williams in New York at enovywilliam@bloomberg.net

To contact the editor responsible for this story: Michael Sillup at msillup@bloomberg.net

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