(ENGLEWOOD, CO) - Peyton Manning was officially introduced as the new quarterback of the Denver Broncos at a Tuesday afternoon news conference.
Manning came to terms with the Broncos on a five-year, 96-million-dollar contract yesterday.
The deal is similar to Manning's final deal with the Indianapolis Colts in that only the first year is guaranteed, according to a report from ESPN. He will make 18-million-dollars in year-one regardless of injury. If he passes a physical ten days before the start of the 2013 league year, he will make 20-million-dollars in both the 2013 and 2014 seasons.
The Broncos do have a waiver in place for those two seasons allowing them to opt out of the deal if Manning suffers an injury to his balky neck. He will make 19-million-dollars in the 2015 and 2016 seasons provided he passes a physical.
Manning spent 14 seasons with the Colts, racking up numerous team records and leading the club to a Super Bowl win at the end of the 2006 season. He started every game of his Indianapolis career from the time he was drafted number-one overall in 1998 through the 2010 season. He missed all of the 2011 season following neck surgery as the Colts dropped from a team that made the playoffs nine consecutive seasons to a club that went 2-and-14 and earned the number-one overall pick in next month's draft.
The presence of Stanford quarterback Andrew Luck combined with Manning's contract - which included a 28-million-dollar option bonus and language that locked in Manning's deal for the next four seasons - contributed to the Colts releasing Manning on March seventh.
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