Colts owner Jim Irsay said he was “thrilled” to sign the only four-time MVP in league history to a deal that will likely keep him in Indianapolis for the rest of his career. Details of the contract were not immediately available but it is believed to be for five years. The contract is reportedly worth $90 million.
“Signing Peyton was a top priority for this organization and we are thrilled that the deal is complete,” Irsay said in a statement released by the team Saturday. “We feel that it is a salary cap friendly deal and it allows us more flexibility.”
Irsay and team president Bill Polian are scheduled to discuss the deal at a Sunday afternoon news conference.
The deal comes nearly five months after the team used the exclusive franchise tag to prevent Manning from negotiating with any other teams. Had Manning signed the one-year offer, he would have made $23.1 million this season.
By getting the long-term deal done, Manning’s salary cap number will be reduced, allowing the team to sign more of its own free agents. The Colts have already re-signed two key veterans—safety Melvin Bullitt and kicker Adam Vinatieri this week. They also lost linebacker Clint Session(notes) to Jacksonville in free agency.
Other key players that Indy is trying to work out deals with include running back Joseph Addai and left tackle Charlie Johnson(notes). They still have not signed first-round pick Anthony Castonzo either.
The Colts report to training camp Sunday at Anderson University, about 40 miles northeast of Indianapolis. And the Manning deal should ensure he arrives in camp on time.