Peyton Manning and the Denver Broncos have agreed to a restructured contract that will ensure Manning’s return to Denver for 2015, according to a person with knowledge of the situation, who did not want to be identified as the deal has yet to be finalized.
The restructured contract, first reported by ESPN and the Denver Post, will result in a $4 million pay cut for Manning, who will collect $15 million instead of his scheduled $19 million. He will have a chance to recoup that money through incentives.
Manning’s old salary would have become guaranteed if he was on the Broncos’ roster on the final day of the 2014 league year. The 2015 league year officially begins at 4 p.m. ET on March 10.
The Broncos earlier this week placed the franchise tag on No. 1 receiver Demaryius Thomas to ensure that Manning’s most productive receiver remains in Denver in 2015.
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SOURCE: USA Today – Jarrett Bell and Lindsay H. Jones