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Report: Manning, Broncos agree on $96 million contract

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By PFW staff

Updated at 11:30 a.m. EST on Tuesday, March 20

Goodbye, Tebowmania. Hello, Peyton Manning.

After one year of Tim Tebow as the starting quarterback of the Broncos, the team has made a major change, agreeing to a deal with Peyton Manning. The news was first reported on Monday by ESPN's Chris Mortensen.

ESPN's Adam Schefter reported Tuesday that Manning and Denver have agreed to a five-year, $96 million contract.

A press conference is slated for 3 p.m. Eastern on Tuesday.

The Broncos were one of the three finalists for the former Colts quarterback, along with the Titans and 49ers. Manning informed the other teams of his decision to sign with Denver on Monday morning.

Manning missed all of the 2011 season after rehabbing from a series of neck surgeries. There had been questions about whether he would be healthy enough to play this season as well, but a series of workouts — including one attended by Broncos executive VP of football operations John Elway last Friday in Durham, N.C. — has shown that Manning is able to throw the ball well.

According to Schefter, the Broncos will now try and trade Tebow, a first-round pick of the team in 2010.

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