Per NFL.com:
Peyton Manning and the Denver Broncos have agreed to terms on a five-year contract, a league source told NFL Network’s Michael Lombardi on Tuesday.
Manning’s contract is worth $96 million, a league source told NFL Network’s Albert Breer.
The Broncos have tentatively scheduled a Tuesday news conference at 3 p.m. ET in the team meeting room of the Broncos’ training facility, according to a team release. The news conference can be viewed live on NFL Network, and it will be streamed live on NFL.com.
The news of Manning’s decision to sign with Denver sent shock waves throughout the league and wasn’t lost on the four-time NFL MVP’s former team.
“I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos,” Indianapolis Colts owner Jim Irsay said in a statement Tuesday. “We wish him nothing but the best as he continues his Hall of Fame career.”
The Broncos already have looked into a trade of quarterback Tim Tebow and currently are looking for a partner, a source told Breer on Monday. Five teams already have looked into potential trade for Tebow, a league source told Lombardi on Tuesday.
Broncos wide receiver Eric Decker, who had 44 receptions for 612 yards and eight touchdowns last season, told NFL Network insider Jason La Canfora on Monday that he expects the offense to change with Manning now under center and that the quarterback would run the system from the line of scrimmage.
“More of the offense will be in Peyton’s hands,” Decker said.
The Broncos were one of three finalists for the four-time NFL MVP, along with the Tennessee Titans and the San Francisco 49ers. The Arizona Cardinals and Miami Dolphins also were in the hunt and received meetings with Manning but ultimately didn’t make the final three.
