Indianapolis owner Irsay hinted that the reason he parted company with Manning last year was because he had only managed to win one Super Bowl despite reaching the playoffs 11 times in his 14-year spell with the Colts.
Manning will make his first return to the Lucas Oil Stadium since leaving when his Broncos side visit on Sunday, and Pagano believes that Irsay has as much respect for the four-time MVP as he does for anyone.
"I don't think there's anybody that Mr Irsay respects and cares for more than Peyton. What can't you say about Peyton, what he's done for the organization, what he's done for this city, or fans? What he's done for football?" Pagano told reporters.
"It's off the charts and it's certainly - all I know is our owner has the utmost respect, love and passion for that guy and always will."
Manning has led the Broncos to a 6-0 start to the season, throwing a record 22 touchdown passes in the opening six games in the process.