4:45pm: The two sides are still talking and both sides are evaluating the possibility of staying together, Rand Getlin of NFL.com (on Twitter) hears.
4:38pm: In an unusual move, the Colts announced they will not have a verdict on coach Chuck Pagano‘s future with the team tonight. One has to wonder if the team is stalling on its decision in order to see whether other candidates become available for the position, but the team’s reasoning is not immediately clear. 
After helping lead the Colts to playoff berths in his first three years with the team, Pagano’s club missed out this season during an injury-riddled, tumultuous campaign. After guiding the team to an 8-8 finish, the Colts have been widely expected to let go of Pagano, whose contract is up. However, his fate is still up in the air.
After finishing with an 11-5 record and an AFC South crown for three straight seasons, the Colts entered 2015 with Super Bowl aspirations, but took a significant step backward. While the Colts’ struggles could be attributed, at least in part, to injuries and questionable roster construction, Pagano was already under pressure to win heading into the year, with the team offering him only a one-year extension rather than any sort of longer-team deal — he turned down that offer. Pagano holds a 41-23 record during his four years in Indianapolis, which includes the time he missed in 2012 due to cancer treatments.
The fate of GM Ryan Grigson is also up in the air as the team has yet to decide on his status for 2016.
Photo courtesy of USA Today Sports Images.