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Stephen Dunn/Getty Images                    Peyton Manning threw for 4,040 yards and scored 34 total touchdowns last season.                        The status of Peyton Manning has been a huge topic of conversation in fantasy football circles in recent weeks.    The All-Pro quarterback underwent a surgical procedure to remove an infected bursa sac from his left knee in mid-July, which landed him on the physically-unable-to-perform-list throughout training camp. But after several weeks of rest and treatment,Dane Fletcher Patriots Jersey, it looks like Manning is set to return to action.    The Colts activated Manning on Tuesday, and he was expected to go through team drills for the first time Tuesday afternoon. That's very positive news for both the Colts and fantasy owners.              Peyton Manning     , QB,          Indianapolis Colts               2007 Statistics          Comp: 337          Att: 515          Yards:4,040          TDs/INTs: 31/14             While his return to practice is certain, Manning will not play in the Colts' preseason finale against the Cincinnati Bengals. Owner Jim Irsay did tell NFL Network's Adam Schefter that Manning has a good chance to be under center in Week 1 against the Chicago Bears, but there are no guarantees.    Manning has long been one of the most durable and productive quarterbacks in the league, so it's difficult to envision a scenario where he wouldn't be active. In fact,Luke Willson Seahawks Jersey, he's never missed an NFL start. Manning has also thrown for more than 4,000 yards in eight of his past nine seasons,Boston Red Sox Clay Buchholz Jersey, so it's no wonder he's so valuable in fantasy land.    Barring setbacks, Manning will remain one of the first three quarterbacks taken off the board in most fantasy drafts. Even in a worst-case scenario where he would miss the opener, I'd still consider him a second-round selection.    If that situation comes to fruition, owners who do draft Manning should target the likes of Aaron Rodgers (vs. Minnesota) or Jeff Garcia (at New Orleans) as their interim No. 1 quarterback based on their very favorable matchups.    Cutler making waves in the preseason    With all the talk about Manning's knee, the trade of Brett Favre to New York and how Rodgers will fare as the starter in Green Bay, fantasy owners have been flooded with quarterback chatter.    But lost in all the field-general fodder is the emergence of Jay Cutler this preseason.    Cutler has thrown for a combined 293 yards and three touchdowns in his last two starts. He also had a passer rating of more than 118.0 in those games,Jack Mewhort Colts Jersey, which is an extremely impressive number. The strong-armed Vanderbilt product has also competed 30 of 43 passes (69.7 percent) and looks like a quarterback who is primed for a breakout season.                                                 While he was inconsistent in 2007, Cutler did show flahes of brilliance that point to future success in the Mile High City.    Cutler started slow with multiple-touchdown performances in just two of his first nine starts, but he finished the season on a high note. In fact, he recorded two or more scores in four of his final seven games, including a 244-yard, four-touchdown explosion against the Kansas City Chiefs.    The Chiefs entered that contest with one of the better pass defenses in the league.    Despite the overall inconsistencies, Cutler still finished with close to 3,500 passing yards and 21 total touchdowns. Those numbers were good enough to finish in the top 12 in fantasy points among quarterbacks on NFL.com. Based on how he's looked in the preseason, Cutler should improve on that status in 2008.    Despite the fact that he'll be without his favorite target, Brandon Marshall, for at least the first two weeks of the regular season, Cutler is still a quarterback whose draft value is on the rise. He's well worth a middle-round selection and should be targeted by owners who want to focus on running backs and wideouts in the first five rounds.    News and notes    » Saints wide receiver Marques Colston sustained bruised ribs in Saturday's preseason game against Cincinnati, but the ailment isn't considered serious. In fact, the star wideout told the New Orleans Times Picayune that he's still at 100 percent. The Hofstra product remains the top option in what should continue to be one of the league's elite offenses,Malcolm Smith Raiders Jersey, so Colston is one of the top fantasy players at his position. Look for him to come off the board no later than the fourth round in most 12-team drafts.    » Several quarterbacks have earned the top spot on their respective team's depth charts, including J.T. O'Sullivan,Marshall Faulk Rams Jersey, Chad Pennington and Matt Ryan. The Niners went with O'Sullivan after a good camp and his knowledge of OC Mike Martz's offense, but he's worth little more than a late-round flier in most formats. Pennington has looked solid in Miami and is also worth a look in the late rounds as a fantasy reserve, but Ryan will be more popular in keeper and dynasty leagues during his rookie season.    » Most rookie wide receivers tend to struggle in their transition from college to the pros, but DeSean Jackson of the Philadelphia Eagles has still become a hot name in fantasy land. He's fourth in preseason receiving yards after three weeks and should see a prominent role to start the regular season with Kevin Curtis (hernia surgery) out of action. While owners shouldn't expect him to be the next Colston, Anquan Boldin or Randy Moss,Gosder Cherilus Colts Jersey, Jackson's impressive showing thus far makes him well worth a late-round selection in seasonal formats.    » In one of the more important depth-chart moves of the preseason, Ricky Williams is now the favorite to start for the Dolphins in Week 1. Coach Tony Sparano has been impressed with Williams in the preseason, so much so that he could limit the number of carries Ronnie Brown sees as he recovers from ACL surgery. Barring changes between now and the first week of September, Williams will be a considerable sleeper candidate when the 'Fins face a New York Jets defense that was awful against the run last season.    » Running back Ryan Grant,Los Angeles Dodgers Yasiel Puig Jersey, who has been slowed throughout the preseason by an injured hamstring, has resumed practicing and intends to play in Green Bay's exhibition finale against the Tennessee Titans. While he might have a tough start to the regular season against a stout Minnesota Vikings run defense, Grant should still be seen as a borderline No. 1 or 2 fantasy back. Brandon Jackson appears to have earned the second spot on the depth chart and should be seen as a solid late-round handcuff for owners who draft Grant.    » The Oakland Raiders have lost wide receiver Drew Carter for the season after he suffered a torn ACL against the Arizona Cardinals. Carter was a candidate to start for coach Lane Kiffin, so his absence guarantees Javon Walker a prominent role in the offense. Walker hasn't had a great preseason, but he did post four receptions for 60 yards against the Cards. He should now be seen as a viable No. 4 or 5 fantasy wideout in most formats, but Curry could become the top option wearing silver and black at the wideout position.    » Jonathan Stewart sure made his presence felt this past weekend against the Washington Redskins. The rookie running back rushed for 100 yards and scored on a 50-yard run in a 47-3 blowout win, but DeAngelo Williams wasn't about to be outdone. He rushed for 101 yards and scored on a 60-yard run. Stewart will still be taken ahead of Williams in most fantasy drafts. But coach John Fox is very loyal to his veterans, so Williams will see his share of carries in this imminent backfield-by-committee.    » I've touted Chris Taylor as a low-end sleeper for several months, and I'm not about to jump off his bandwagon. Taylor started for the Houston Texans in their contest with the Dallas Cowboys,Juan Carlos Medina Mexico Jersey, ahead of the injured Ahman Green and Chris Brown. Taylor did see time at fullback in training camp, but the coaches obviously want to see if he can be a tailback at the NFL level. With rumors abound that Green and/or Brown could be released, Taylor is someone to watch. He could be worth a flier in leagues with 12-plus teams.    Have a burning question for Michael on anything fantasy football related? Now's your chance to ask! Click here to submit it, and the best questions will be answered throughout the season right here on NFL.com!