Should Dolphins wait or chase Matt Flynn?

Now comes the tricky part for the Miami Dolphins.

Miami wants free-agent quarterback Peyton Manning in the worst way and met with him for hours Monday evening. But Manning has meticulously taken his time and reportedly will drag his decision beyond 4 p.m. Tuesday, at which time free agency begins.

Should the Dolphins wait for Manning or pursue former Green Bay Packers quarterback Matt Flynn on Tuesday afternoon while the Manning situation is still pending? It's an interesting dilemma.

On one end, Miami still thinks it has a legit shot to land Manning, a future Hall of Famer. If word comes out the Dolphins are simultaneously chasing Flynn on Tuesday afternoon, that may sway Manning's thinking about Miami’s level of commitment.

The Denver Broncos have Tim Tebow and won't be chasing Flynn on Tuesday. Neither will the Arizona Cardinals, who have Kevin Kolb. Those teams will be waiting patiently on Manning, who has dictated the terms of this entire process. Manning may view the Dolphins' negotiating with Flynn as rushing his decision -- something Manning would not like.

On the other end, the Dolphins do not want to leave this offseason empty-handed and without a new starting quarterback. A number of interested teams will be jumping right in on Flynn. If the Dolphins wait a few days to join the party due to Manning's indecision, they could be too late for Flynn. Under this scenario, Manning's decision would basically hold the Dolphins hostage.

This is the type of high-stakes game you play when trying to land one of the biggest free agents in NFL history. Miami reportedly is not the favorite in the Manning sweepstakes. So it might be wise for the Dolphins to be one of the first teams to jump into the Flynn sweepstakes after 4 p.m. ET Tuesday.

Either way, Miami is taking a risk. If you were Dolphins management, what would you do?