Peyton Manning -- YOU'RE CUT ... First Thing in the Morning

In the immortal words of Kenny Powers ... sorry, Peyton Manning ... you're f**kin out.

The Indianapolis Colts will reportedly cut the 35-year-old QB tomorrow during a news conference in Indianapolis.

Not really a shocking move ... considering Manning has all sorts of neck problems and was due to make a TON of money. Plus, the Colts have the #1 pick in the draft ... and are in LOOOOOVE with Andrew Luck.