McAfee (knee) has decided to end his NFL career after eight seasons, Ian Rapoport of NFL.com reports.

EDGE Analysis

McAfee will reportedly hang up his cleats to pursue a career in comedy. He retires at just 29 years old, earning two Pro Bowl bids and a First Team All-Pro honor. The veteran punter finishes with a 46.4 yards per punt average and posted a career-high 49.3 mark in his final campaign.

McAfee is slated to undergo surgery on his injured right knee this offseason.

EDGE Analysis

McAfee has backed out of playing in the upcoming Pro Bowl as a result, looking to avoid further damage before the knee operation. He also stated this will be his third knee surgery in four years, but the 29-year-old will look to get back to full strength throughout the offseason.

Colts re-signed P Pat McAfee to a five-year contract. Punters are people, too. McAfee has one of the game's best legs and announced the deal on NFL Network's NFL AM show Friday morning. A year after being the Colts' "franchise player," McAfee gets the security he was eyeing. McAfee will probably end up being the highest-paid punter. He also handles kickoffs.

The Indianapolis Star thinks free agent P Pat McAfee may be more inclined to look elsewhere for a long-term deal. McAfee was the Colts' "franchise" player last season, earning $2.97 million. His numbers dipped a bit, but he's still one of the better punters in the game and handles kickoff duties. McAfee, 27 in May, probably wants to cash in and secure a long-term deal with an annual average salary near $3.5-4 million.

Yahoo! Sports reports the Colts and franchise player P Pat McAfee are unlikely to reach a long-term contract agreement. McAfee is coming off a career-year with a 40.3-yard net average, and 26 punts inside the opponents' 20-yard line. He also serves as the Colts kickoff specialist and had 45 touchbacks last season, good for sixth in the league. It's speculated McAfee was looking for a deal averaging $3.5-to-4 million per year, with $7 million guaranteed. He'll be the first Colt to play under the tag since Edgerrin James in '05.

Colts signed franchise player P Pat McAfee to a one-year, $2.97 million contract.

Colts assigned the franchise tag to P Pat McAfee. Get excited. The franchise tag for punters/kickers checks in at $2.97 million this season. Coach Chuck Pagano called locking McAfee up a "major priority" on Thursday. The four-year veteran was fifth in gross punting average last season.

Colts coach Chuck Pagano called free agent P Pat McAfee a "major priority." "Obviously, we've reached out and are working to get Pat re-signed," Pagano said. "We saw what he did for us last year. He's a great weapon." McAfee set career-highs by landing 26 punts inside the 20-yard line and 11 inside the 10-yard line last season. He also ranked fifth in the league in gross punting average.

The Indianapolis Star considers free agent P Pat McAfee a candidate for the Colts' franchise tag. Colts beat writer Mike Chappelle would be "stunned" if McAfee got away after finishing fifth in the NFL in gross punting average (48.2) in 2012, while ranking a rock-solid 15th in net (40.3). McAfee will turn 26 years old this May.

Impending free agent P Pat McAfee "hopes to be a Colt forever." McAfee set a Colts' franchise net punting record of 46.6 yards in 2011, but he wasn't as good in 2012, finishing No. 15 in the league with a 40.3 mark. He also finished tied for sixth in the league with his 45 touchbacks on kickoffs.