Peyton "The Free Agent"
Right now, it could be any of a wide range of teams. According to ESPN's Adam Schefter, there were at least a dozen teams that contacted Manning's agent on the day of his release. In my opinion, there are three teams that have an edge over the others: The New York Jets, the Miami Dolphins, and the Washington Redskins.
The team Peyton Manning ends up with will really say a lot about him as a man, because each of these teams offers a specific set of advantages that the others do not have. The New York Jets offer the opportunity to share a city with his brother, and the ultimate stage for a guy that wants attention. Personally, I do not see Peyton as an attention seeker, so I think that he will choose to take his talents elsewhere.
Peyton "The Sheriff"
The Washington Redskins give Peyton the opportunity to play against his brother twice a year. This sounds more like a job made for the Harbaugh brothers, but Peyton might like the idea as well, because he has been a fierce competitor all throughout his 14 year career.
Peyton "The Redskin"
Although other options would provide a better shot at the Super Bowl, I see Peyton Manning as a man who likes to take on challenges. Overcome four neck surgeries in 2 years to lead the Redskins through the Eli-dominated NFC East? Challenge Accepted.