Colts quarterback Peyton Manning discussed his recovery from two neck surgeries with local reporters last week and the issue of his five-year, $90 million contract came up.
“It’s a one-year deal with a four-year extension, if you will,” Manning said according to the Indianapolis Star. “I wasn’t healthy when I signed the contract and if I’m not healthy in February, I think it’s fair for the Colts to be able to make their decision there.”
Manning received a $20 million signing bonus, a $3 million roster bonus and is earning a $3.4 million base salary ($200,000 per week) in 2011. The decision the Colts need to make is whether or not to exercise the $28 million option bonus that trigger the 2012-15 seasons in the contract. That date is set for the fourth day of the 2012 league year, but as Charley Casserley of CBS pointed out during his “NFL Insider” segment on The NFL Today, if Manning’s neck isn’t 100 percent at that time, the two sides can agree to move the date back.
If the Colts do exercise the option, the $28 million is currently scheduled to be paid out in $14 million installments on March 15, 2013 and March 15, 2014. Half of Manning’s 2011 signing bonus will be paid on March 15, 2012.