Peyton Manning Tim Tebow Denver Broncos

[credit provider=”Getty Images/Doug Pensinger”]

Peyton Manning will sign with the Denver Broncos, according to ESPN’s Chris Mortensen.Manning has already informed other teams of his decision, according to Adam Schefter of ESPN.

Schefter adds that Peyton called Broncos VP John Elway to let him know he’s excited to come on board.

Details of the contract are still being hashed out, but Schefter and Mort report that it will be somewhere in the neighbourhood of $95 million over five years. The biggest detail left to figure out is how the team will be protected if Peyton continues to struggle with injuries.

The same report states that contract negotiations began when Manning first visited Denver March 9.

Then Elway told Peyton he wanted a deal that would be “fair to both sides” when the Broncos flew out to Duke University to see Peyton work out last week, the report adds.

Mort and Schefter also state that the three teams left in the Manning race last week ALL evaluated possibly signing Peyton’s longtime centre Jeff Saturday too. Although Manning has never made this sort of “packaged deal” a sticking point in his negotiations with any team.

Denver will now look to trade Tim Tebow, Schefter reports. Tebow trades were already being explored before today, according to the NFL Network’s Albert Breer.

The Broncos believed they were the front-runner all along because in Denver, Peyton would have the power to run his own offence, but that wouldn’t be the case in Tennessee or San Francisco, says FOX Sports’ Jay Glazer.