Peyton Manning got the shaft from his old team ... despite the story both he and the Indianapolis Colts floated to the world ... this according to former Colts honcho Bill Polian.
Polian is the former Colts prez -- who drafted Peyton Manning #1 back in 1998 -- but the current ESPN analyst went off on the Colts today for the way the team treated Peyton last year.
Polian corrected an ESPN anchor who said Petyon and the Colts had parted amicably, and revealed ... "That's not really what happened. He was cut. He wanted to stay very badly right up until the end."
The Colts and Peyton made it seem like it was a mutual decision when he left the team in March, 2012.
Watch the clip ... Polian -- who was not with the Colts at the time -- clearly thinks the team insulted Manning, and as a result it's clear who he's riding with this weekend.