The Broncos were one of three known finalists along with the Tennessee Titans and San Francisco 49ers. There were no clear leaders in the race for Manning, but Denver-based reporters have been saying for more than a week now that the Broncos are the most likely destination.
The Broncos won the AFC West last season, and with Manning they'll be the favorite to repeat. In fact, they have to be considered a Super Bowl contender right now.
This will have a ripple effect throughout the league. The 49ers now must figure out what to do at quarterback, potentially re-signing Alex Smith. The Titans now revert their attention to their quarterbacks in house, Matt Hasselbeck and Jake Locker. The Dolphins and Cardinals, who were both in the race at one point, now look elsewhere for their quarterback of the future.