A method and apparatus for managing an overload condition in a network are disclosed. For example, the method monitors the network for a traffic overload condition, and determines whether a more severe traffic overload condition or a less severe traffic overload condition is detected by using a network monitor and controller. The method then selects using a network monitor and controller agent in response to a command from the network monitor and controller, a different bandwidth preservation scheme if the more severe traffic overload condition or the less severe traffic overload condition is detected, wherein the different bandwidth preservation scheme is based on a selection of a codec type and is applied to a portion of the traffic.