Peyton Manning working with Broncos to restructure contract, per report

The Denver Broncos and quarterback Peyton Manning are working on restructuring his contract, according to Mike Klis of the Denver Post. Manning, who has not yet committed to returning to football after a poor final two months of last season, is owed $19 million against the salary cap.

Denver could desperately use the cap space created by a restructure. Normally, moving money around would mean converting base salary into bonus, which pushes some guaranteed money down the road. However, Manning might only be thinking of playing one more season, making this a tad more complicated for general manager John Elway. Currently, Manning has two years left on his deal at $19 million per.

Manning and Elway have already met this offseason, coming together Feb. 12 to discuss a bevy of topics along with the possibility of restructuring the contract.

The Broncos have approximately $26 million in cap space but are saddled with a litany of big-name free agents. Wide receiver Demaryius Thomas is all but certain to be hit with the franchise tag, adding a $12.9 million figure to the payroll. With the remaining money, Denver has six restricted free agents and a draft class to sign, along with Julius Thomas, Terrance Knighton, Orlando Franklin, Will Montgomery, Mitch Unrein and Rahim Moore.

Denver needs to get this done with Manning before March 9, because on that date his 2015 salary becomes fully guaranteed. The following day is when free agency begins.