The Denver Broncos and quarterback Peyton Manning are working on restructuring his contract for next season, according to a report from Mike Klis of The Denver Post.
"The Broncos and representatives for Peyton Manning have been working on revising the quarterback's contract, according to multiple NFL sources," Klis writes.
The restructuring may have been delaying a final, definitive announcement from both Manning's camp and the organization that the future Hall of Famer would return for next season, his 18th in an NFL uniform.
"According to one NFL source, the Broncos and Manning's representatives, led by agent Tom Condon, hope to reach a conclusion on a revised contract by early next week. As his current contract is written, Manning's $19 million salary for the 2015 season would become fully guaranteed on March 9, the day before the league's free-agent market opens."
Manning was paid $20 million each of the last two seasons, so $19 million is actually a pay cut for the elder signal-caller. With a restructuring - perhaps something along the lines of Tom Brady's - Manning's salary most likely won't be lessened but could be altered to create a more manageable cap figure.
Manning reportedly told the Broncos that he'd like to return for another season earlier this month, per NFL.com, leading many to assume he would definitely be back.
Broncos GM John Elway, in comments at the NFL's scouting combine in Indianapolis last week, said that he was "hopeful" Manning would return for next season and was simply waiting for final word from the QB's camp.
It seemed odd at the time that both sides had separately said they wanted to see him back in a Broncos uniform, but there was still no final confirmation. Now, it seems we know why.
"Restructuring Manning's contract isn't the only reason there has been no formal announcement on his decision," writes Klis. "He still must take, and pass, a team physical by next Thursday. Manning, though, said during Super Bowl week that he didn't anticipate any problems with passing his physical."
It now seems once Manning passes his physical and the two sides come together on a restructuring, he'll be at the helm of the Denver offense for at least one more season.
