We consider a network of two coupled neurons with delayed feedback. We show that the connection topology of the network plays a fundamental role in classifying the rich dynamics and bifurcation phenomena. Regarding eigenvalues of the connection matrix as bifurcation parameters, we obtain codimension 1 bifurcations (including a fold bifurcation and a Hopf bifurcation) and codimension 2 bifurcations (including fold-Hopf bifurcations and Hopf-Hopf bifurcations). We also give concrete formulae for the normal form coefficients derived via the center manifold reduction that give detailed information about the bifurcation and stability of various bifurcated solutions. In particular, we obtain stable or unstable equilibria, periodic solutions, quasi-periodic solutions, and sphere-like surfaces of solutions.We also show how to evaluate critical normal form coefficients from the original system of delay-differential equations without computing the corresponding center manifolds.