Peyton Manning agrees to restructured Broncos contract
Peyton Manning and the Denver Broncos have agreed to a restructured contract that will ensure Manning's return to Denver for 2015, according to a person with knowledge of the situation, who did not want to be identified as the deal has yet to be finalized.
The restructured contract, first reported by ESPN and the Denver Post, will result in a $4 million pay cut for Manning, who will collect $15 million instead of his scheduled $19 million. He will have a chance to recoup that money through incentives.
Manning's old salary would have become guaranteed if he was on the Broncos' roster on the final day of the 2014 league year. The 2015 league year officially begins at 4 p.m. ET on March 10.
The Broncos earlier this week placed the franchise tag on No. 1 receiver Demaryius Thomas to ensure that Manning's most productive receiver remains in Denver in 2015.
Manning's salary cut should help clear some salary cap space needed to get Manning more help as star tight end Julius Thomas, who caught 24 touchdowns from Manning in the past two years, is set to hit free agency. Other impending free agents include defensive tackle Terrance Knighton, who was one of five team captains last year, safety Rahim Moore, guard/tackle Orlando Franklin and slot receiver Wes Welker.
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The five-year contract Manning signed with the Broncos in 2012 also included a provision that required Manning to take and pass a physical every offseason before his next year's salary would kick in. Though Manning struggled with a quadriceps injury late last season, he said in January that passing his 2015 physical – an exam that is intended to focus on his surgically repaired neck -- would not be a problem.
Manning flew to Denver in early February to meet with Denver general manager John Elway and new head coach Gary Kubiak. At that meeting, Manning told his bosses he was physically and mentally ready to play.
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