It's a done deal. Peyton Manning is the new quarterback of the Denver Broncos. ESPN's Adam Schefter reports the two sides have formalized their contract, which will pay Manning $96 million over five years. That's about the range we expected with his contract. The Broncos were expected to be working off of Manning's old contract with the Colts, which was five years and $90 million.
Manning's official introduction is expected to come at a Tuesday afternoon press conference, which is scheduled for 3 p.m. (ET).
It's going to be interesting to see how Manning's contract is structured and how much is legitimately guaranteed. Reportedly, Manning was prepared to give his new team insurances in the instance he's not completely healthy to play by the start of the 2012 season. Manning recovering from a number of neck surgeries and continues to rehab in order to build up his arm strength.
The Broncos were the first team Manning visited in his free agency tour. He also visited the Arizona Cardinals and worked out for the San Francisco 49ers and Tennessee Titans. The finalists were believed to be the Broncos, 49ers and Titans.