In a move that was first announced Monday, the Broncos and quarterback Peyton Manning agreed Tuesday morning on a five-year, $96 million contract.
The $19.2 million average per year would make Manning the highest-paid player in NFL history. The Broncos have called a 1pm local time press conference to announce the contract.
Last August, Manning signed a five-year, $90 million contract with the Indianapolis Colts that included $26.4 million in Year One and $70.2 million over the first three seasons. Manning missed the 2011 season after undergoing multiple procedures on his neck, including a single-level anterior fusion surgery in September, and was released before a $28 million option bonus came due before the start of the 2012 league year.
Overall, the No. 1 overall pick of the 1998 NFL Draft passed for 54,828 yards with 399 touchdowns and 198 interceptions during 208 consecutive regular season games with the Colts from 1998-2010, adding another 5,389 yards and 29 touchdowns in 19 post-season games.