UPDATES AFTER THE JUMP:
[UPDATE: March 9, 2012 9:53 pm:]
ESPN's Adam Schefter is reporting about the Redskins trade for the second overall pick: "In the deal, the Rams will receive the Redskins first-round in each of the next three years, plus Washington's second-round pick this year in return for the second overall pick that the Redskins now will use on whichever quarterback the Indianapolis Colts do not draft No. 1 overall."
[UPDATE: March 9, 2012 10:17pm:]
[Commentary:] So, if that's true, you could have this situation. Redskins agree to deal with Manning. Colts select Robert Griffin III at the first spot, leaving the Redskins to take Andrew Luck with the second pick. And, in 2012 Andrew Luck is the backup quarterback to Peyton Manning.....in Washington. What just happened?