Peyton Manning is set to be introduced as the Denver Broncos new quarterback at a 3 p.m. press conference today now that his deal is finalised, ESPN’s Adam Schefter reports.
The deal is worth $96 million over five years, Schefter says.
Sources have told Andrew Brandt of National Football Post and ESPN that Peyton is set to make $18 million in the first year of the deal.
Brandt also adds that there is an injury waiver for 2013, the second year of the deal, based on Manning passing a physical. If Peyton passes a March 2013 physical, a $40 million guarantee is activated. The money would be split between 2013 and 2014, at $20 million per.
Translation: Denver Broncos are secured if Manning can no longer play and have the option of getting out of the deal after just one year.
Albert Breer of NFL Network points out that the deal Peyton signed with the Indianapolis Colts last summer included the same stipulation.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.