Peyton Manning will be returning to the Denver Broncos for an 18th NFL season, according to a report late Wednesday from ESPN.
"Peyton Manning and the Denver Broncos are near agreement on a new contract for the 2015 season in which the five-time NFL MVP will take a $4 million pay-cut to provide more cash for the team to do business on the free agent market, which opens with the new league year on March 10," reports Jeff Legwold and Chris Mortensen.
"Manning will make $15 million in base salary in 2015, league and team sources said, down from the $19 million he was scheduled to earn."
There was concern after the Broncos unexpected playoff loss to the Indianapolis Colts that Manning would call it a career, leaving Denver GM John Elway with Brock Osweiler as the only viable - that term is used very loosely - quarterback option on the roster.
Both sides said recently that they'd like to see the future Hall of Famer return for one final go-round, but reports began to emerge shortly thereafter that Manning's contract would require some retooling for that to happen.
As Legwold and Mortensen note, Manning's contract won't be finalized until he passes a physical examination which, per the report, is expected to occur within the next 24 hours.
There are also "other minor details on the contract" yet to be finalized.
With the team franchise tagging wide receiver Demaryius Thomas at the exorbitant one-year sum of $12.823 million, reworking Manning's deal in order to create cap space became a near necessity.
According to OverTheCap.com, the Broncos presently have approximately $15.5 million in cap space. With the alterations to Manning's deal that should push them closer to $20 million, which will allow them more flexibility once the NFL's free agency period opens in March.
The 38-year-old Manning finished last season with 4,727 yards passing, 39 touchdowns and 15 interceptions.
