I've been a Saints fan since I started following NFL in early 2000's and I really thought this was their best team and best chance to have another crack. Kind of ironic that after years of him doing everything you could ever ask of a qb and the team coming up short, that in his last game, last chance, he played probably one of his worst games as a Saint. Even before his injury it was clear he had lost a step, the arm strength and accuracy just wasn't there anymore and Peyton adjusted his offence to compensate. The last few weeks it's been clear he still wasn't 100% as they maybe attempted one passing play over 20 yards during that time, he was clearly still suffering the effects of that injury.
I don't know if a guy like him can go out on a note like that, they still have a good team so I could see a situation where either he signs for one more year but they greatly reduce the number of snaps he takes or he keeps himself in shape and around the team and if they are in a playoff position down the stretch he signs late season for one more kick at the can.