Irsay, who has said he intends to make Manning the NFL's highest-paid player, believes the Colts' last offer to their franchise quarterback before the lockout was good enough to complete a deal.
"It should get done," Irsay said Monday at the NFL Annual Meeting in New Orleans, according to Comcast SportsNet New England. "If you ask me, it should have gotten done. You'll have to ask (Manning's agent) Tom Condon why it's not done."
Manning is scheduled to receive $23 million next season as the Colts' franchise player, but the sides would rather agree on a long-term contract. While the Colts would like to reward Manning for his 11 Pro Bowl seasons and one Super Bowl championship, Irsay also indicated the quarterback is willing to take a deal that will allow the team to remain competitive.
"(Peyton had) always said, 'It's not about money to me, it's not about how much money I make. It's about making sure we have a great team, making sure I'm surrounded by other players that can be re-signed,'" Irsay told NFL Network's Albert Breer. "The Pierre Garcons, the Austin Collies. The young guys that make the difference.
"The money's there," Irsay added. "I'm already offering more than any player's being paid in the league. So why wouldn't it get done?"
Irsay said he believed the sides would have been able to come to an agreement by this point in the offseason. The sides can't have further discussions until the league and the players reach a new collective bargaining agreement.
"I would have thought it would have been done already," Irsay said, according to Comcast SportsNet New England. "But these things get done when they do."