Peyton Manning Signs $96 Million Contract With Broncos

Peyton Manning is officially part of the Denver Broncos. The former Indianapolis Colt has just signed a 96 million contract to play at the Mile High stadium for the next five years.

ESPN reports that a news conference is scheduled for 3 p.m. today. John Elway will officially introduce Manning as the new starting quarterback at the news conference.

ESPN insider Adam Schefter reports that Manning will be paid $18 million for the 2012 season. He will make $40 million over the 2013, ’14 seasons and $19 million for the ’15 and ’16 seasons. With Peyton on the roster, the Broncos are reportedly looking to trade Tim Tebow.

Manning has spent his entire career with the Indianapolis Colts, but after an injury forced him to sit out last season the team decided to drop him in order to free up some space for a young quarterback. Owner Jim Irsay said:

“I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos. We wish him nothing but the best as he continues his Hall of Fame career.”

Manning, who turns 36 on Saturday, had multiple neck operations last year. The Broncos, however, are confident about Manning’s health. The NFL quarterback has passed a physical exam, not only for the Broncos but also for the 49ers and the Titans, and has started throwing again.

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After meeting with Manning last week, owner John Elway said:

“We enjoyed visiting with Peyton today in N.C. He threw the ball great and looked very comfortable out there. Watching him throw today was the next step in this important process for our team and Peyton. It was a productive visit and went well.”

Manning is now a Bronco, but according to ESPN, he’ll have to wait a little while until he’s able to talk strategy with the team. Manning will have to wait until April 16th until he can engage in classroom football discussions and May 2nd until he can throw with the team.

Do you think the Denver Broncos will be a formidable team now that they have Peyton Manning?