Two weeks into the NFL season and no Peyton Manning sighting on the field and none predicted in the near future. We see what that means to the 0-2 Indianapolis Colts, but what does it mean to marketers who have made Manning the highest paid player in the NFL in terms of annual endorsements?

If Manning’s neck problem, which has required three surgeries, forces him to miss most or all of the 2011 campaign, would he still be the NFL’s MVP of marketing? Would companies such as Sony, Gatorade and MasterCard and others that pay him about $15 million in annual endorsements still run his current ads and/or produce new ones?

“I would think so,” said Rick Burton, David Falk Professor of Sport Management for Syracuse University. “Peyton is still one of the many boys next door. His integrity isn’t diminished [due to his injury]. Some of the ads don’t require him to be ‘Peyton the Quarterback’ but rather ‘Peyton the Cool Dude That Everyone Likes.’”

According to Robert Tuchman, president of sports and entertainment marketing and sponsorship firm Skylight Entertainment, even if we don’t seen Manning toss a pass until 2012, “He would remain a marketing machine for brands he endorses around the NFL this season. Most creative has been completed. He is still a major factor regardless if he is playing as he will be a much talked about subject throughout the year.”

One key factor in Manning’s favor is that Super Bowl XLVI will be played in Lucas Oil Stadium in Indianapolis this February. Regardless of whether the Colts with or without Manning make it to the Big Game, Manning himself is positioned to be the host player for countless events, parties and activations.

“With the Super Bowl in Indianapolis this season Manning will be featured in many Super Bowl-specific marketing opportunities,” said Tuchman.

None the less, NFL-related marketing partners and other companies seeking to tie in with the juggernaut that is the NFL already are building the endorsement rosters of other players. Even given all of its other fan/consumer touch-points, product endorsement  (largely in conjunction with the NFL Players Assn.) is a major driver in the league’s $10 billion annual report.

According to sports marketing analysts, the list of NFL marketing MVPs includes Tom Brady, Aaron Rodgers, Troy Polamalu, Clay Matthews, Mark Sanchez and Drew Brees. Most are in or nearing the $8-$11 million range in annual endorsements, according to analysts.

With a red caution flag, Michael Vick is on the list based mainly on the fact that regional and smaller companies can take a chance where national marketers would not. Vick, who at one time earned in excess of $30 million annually from endorsements, is back with Nike but has mainly attracted smaller deals since his return to the NFL.

And Cam Newton, currently seen in an Under Armour campaign alongside Brady, is tops among the league’s rookies. That is based not only on the high profile with which he entered the NFL, but the way in which he has handled himself early in the season, both on and off the field.

“Right now, Cam Newton is leading the charge [among rookies],” said Tuchman. “And I like Patrick Peterson as a potential monster in marketing down the road.”

If not Peyton Manning, there is another Manning – Eli – who has emerged from his brother’s significant Madison Avenue shadow, with an endorsement roster that brings in about $7-$9 million annually. And if not Peyton Manning, at least there is another Peyton – Hillis, running back for the Cleveland Browns, who was voted by fans to be the cover athlete for Madden NFL 12 and has scored other endorsements this season.

“Certainly, Aaron Rodgers was getting anointed [after the Super Bowl]. He’s still the most logical choice [to cash in on endorsements] as the reigning Super Bowl MVP,” said Burton. “Troy Polamalu has game and great hair. Tom Brady [in addition to the numbers he is putting up] is married to a super model. Clay Matthews also appears to have great hair and [is getting his share of endorsements]. And Mark Sanchez could emerge if the New York Jets [continue to] play well.

In fact, although he is ringless regarding the Super Bowl, Sanchez comes to the marketing table with two AFC championship appearances and other highly marketable factors in his young career. His endorsements ring up at about $4-5 million this year.

“Few quarterbacks can become relevant enough to be big-time endorsers without winning championships. Winning is the way to the consumer’s television and computer screen,” said John Meindl, head of marketing and product placement firm SportsBrandedMedia, and Adjunct Assistant Professor of Sports Marketing at Hofstra University in New York.

“But Mark Sanchez may be an exception. He has roots in New York and Los Angeles,” Meindl continued. “He has the looks and personality to represent the companies he endorses and lastly he has ties to the growing Latino demographic.”

Although Manning’s injury abruptly ended his Cal Ripken Jr. ironman-like consecutive start streak, the image he has built on the field and off as a strong endorser continues to live.

“Peyton Manning’s position atop the endorsement leader board did not happen overnight,” said Meindl.”It took time to build and it will not fall apart overnight.”

Meindl even sees advantages to Manning’s unwanted force to the sidelines.

“If managed properly, Manning’s brand can weather this storm,” Meindl observed. “He has built a brand that transcends football. Whether on the field or off, he is recognizable and relevant. For marketers, Manning’s injury timeout is an opportunity to recast him, as an individual, showing a more relaxed and engaging side of his natural personality.”

While fans – especially those in Indy – may be itching to see Manning back on the field, NFL marketing partners wish him well but may already have envisioned life without Peyton selling goods to the masses.

“There hasn’t been one NFL marketing MVP in a few years,” said David Schwab, managing director for First Call, the celebrity activation division of marketing and consulting firm Octagon. “The emergence of the Saints, Packers, Jets and Steelers has spread the wealth to many others. Troy and Clay’s hair, Aaron and Drew’s QB prowess and Sanchez’ New York visibility have put them in the top echelon. And Brady continues to pick away at one or two big programs annually.”

Even one of Brady’s teammates, a former high flyer who is still looking to find his place with the New England Patriots, retains substantial marketing impact. According to Schwab, “[Chad] OchoCinco has greatly benefited by his social media skills.”