Peyton Manning, Broncos agree on five-year, $96M deal

Manning will be smiling at his next press conference.(Getty Images)

On Tuesday morning, the Broncos announced a press conference for 3 p.m. ET, meaning that they would probably be introducing Peyton Manning as their new quarterback. That's precisely what they're going to do, and now, Manning has signed a five-year, $96 million deal.

It doesn't matter too much, though, unless the contract is heavily incentive-laden and/or just absolutely lacking in guaranteed money. Because, as you might recall, the previous contract that Manning negotiated with the Colts was a five-year deal worth $90 million. Yes, that's right: he's going to make more with the Broncos (in theory) than he did with Indy.

Peyton Lands in Denver

So props to his agent Tom Condon for negotiating that deal. And double props to Condon for helping to crank up the market value for another client, Drew Brees. As Clark Judge notes, Brees is a big winner when it comes to Peyton's contract details.

Brees wants a long-term deal from the Saints, and Peyton's Colts deal getting voided temporarily hurt his value as a franchise player as well as his negotiating ability. Now? Psssh. Brees can actually look back at the reported five-year, $90 million deal the Saints offered him and laugh.

Not laughing? Jim Irsay, Colts owner. But he says he's happy for Manning.

"I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos," Irsay said in a statement released by the team. "We wish him nothing but the best as he continues his Hall of Fame career."

Now seems like a good time to remind everyone that at Irsay and Manning's final press conference -- an admittedly classy affair -- both gentlemen kept repeating that "it's not about the money."

Clearly, that's not entirely the case. Just ask someone who works in the Broncos accounting office. However, there are some reportedly some waivers built in for Denver here.

Andrew Brandt of the National Football Post reports that Manning's deal is worth $18 million for 2012. Then Manning's deal is worth $20 million for 2013 and 2014 with a waiver on his neck based on a physical. According to Brandt, the deal is then worth $19 million for 2015 and 2016.

Brandt also reports that Peyton "passing his March 2013 physical activates guaranteed salaries" of $20 million in 2013 and 2014, though there is a waiver on Peyton's neck.
CBS Sports Senior Writer

Will Brinson joined CBS Sports in 2010 and enters his seventh season covering the NFL for CBS. He previously wrote for FanHouse along with myriad other Internet sites. A North Carolina native who lives... Full Bio

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