According to NFL Network's Michael Lombardi on Tuesday, Peyton Manning and the Denver Broncos have agreed to terms on a five-year contract that's worth $96 million, but essentially boils down to a series of one-year deals.

"Manning is set to earn $18 million during his first year of the deal, according to Breer, and if Manning passes a physical in March 2013 he'll be guaranteed $40 million over the next two seasons. If Manning injures his neck during the 2013 season, however, La Canfora said the language of the contract states that the Broncos can void the remainder of the deal and only owe Manning for the first two seasons."
Filed Under: NFL
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