Official: Peyton Manning Signs Five-Year, $90 Million Deal With Colts [UPDATE]

ESPN's Adam Schefter has tweeted that, according to his buddy Chris Mortensen, quarterback Peyton Manning has signed a five-year, $90 million dollar deal with the Indianapolis Colts. The deal is in-line with what the extension New England Patriots gave Tom Brady last year. It is not currently known if the deal pays Manning slightly more, which is what Colts owner Jim Irsay vowed to do earlier this week.

[UPDATE] It's now official. Not long after Schefter's tweet, Colts owner Jim Irsay proclaimed, via Twitter:

OFFICIAL----WE HAVE A DEAL!!!!!!!!!!!!!

From NFL Network's Albert Breer:

Speaks well of Peyton Manning that he took less ... He really had Colts over a barrel and chose not to exert leverage

Early estimates suggest Peyton counts $18 mill against the cap, but we won't know specifics until the numbers are released. The deal could be back-loaded to account for the projected raise in the salary cap as revenues increase going forward.

From Mark Maske, Washington Post:

Peyton Manning deal averages $18 million per year for 5 years. Tom Brady deal averaged $18 million per year for 4 years.

Colts players are expected to show up for the start of training camp on Sunday with the first practice on Monday. Despite now being signed, Peyton is not expected to participate in that Monday practice. He is still recovering from neck surgery last May.

For Colts fans, this news is very welcome. The key is how his cap number is spread out. While it is critical that Manning be ready to start Week One vs. the Texans, it does him and the Colts no good if he is under center but with the talent around him as sub-par as it was in 2010.

As is, with the Patriots, Eagles, Texans, and Jaguars all dramatically improving their rosters, this Colts team is not championship-caliber. Judging by the recent comments made by Manning prior to today's news, he knows this. Thus, he signed a deal that, from the early looks of things, is not as big as people speculated it would be.

When we get the numbers, we'll do our best to spell out what this means for the Colts. For now, it means our QB is back in the saddle. Time to get to work.

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