For those that do not know what that is, it is the physically unable to perform list. Once you are on it you are out for a certain period of time. I don't know what the rule is in regards to the preseason, but in the regular season it means you are out for the next six weeks.
So what does this mean? Is Peyton okay? Will he be playing in the season opener?
Technically what it means is that Peyton is allowed to start practicing with the team now and participating in drills to the extent that he and the coaching staff feel comfortable with.
The key thing to know here is that he "can" start practicing; that does not mean that he will.
Had the team not opted to take him off and he started the regular season on the PUP list, Peyton would have been out till Week Seven. If the Colts are going to have any shot at having him line up against the Texans (or the Browns, Steelers, Bucs, Bengals, or Chiefs).
That bring me back to the original question--so what does this mean? Answer--absolutely nothing.
It could mean that his recovery is on track and he will be ready in the early weeks of the season, if not the season opener.
As a fan, I have to say that it is nice to have the option open to us.