Hopefully so and I think he will. Favre even at the end was still a decent QB. Manning right now is done: Yes he was great in his prime for many many years, but if he wasn't Peyton Manning (or maybe a rookie picked at #1 or #2), he probably would already have been benched already.
To me it's less mind boggling, that he has almost no arm left, but that despite his physical limitations and the way his defense has carried this team, he has made some terrible decisions trying to force throws into double coverage or hanging jumpballs up there that get picked off. You would think with his football IQ he would understand his current limitations better than anybody else and know how to work around them. Instead he is too stubborn(?) to adapt and turns the ball over and over again, not even counting the times, where Thomas & Sanders bail him out with great plays at the receiving end. Most of their games so far probably still wouldn't have been close, if he just had managed the game by making sure to not turn over the ball and let his defense and special teams win games for them.