Peyton Manning, Broncos make it official: Five years, $96 million

After working late into Monday night, Denver Broncos officials got all the details worked out in the contract for Peyton Manning's services. And as ESPN's Adam Schefter first reported, the deal is very significant -- Tuesday, Manning will sign a five-year, $96 million agreement which guarantees that one of the NFL's greatest quarterbacks will finish his career in Denver.

According to Andrew Brandt of the National Football Post, Manning will make $18 million in 2012 with no injury protection. If he passes a March 2013 physical, guarantees of $20 million will activate for 2013 and 2014, with an undisclosed injury waiver.

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Manning will be officially announced as the team's new franchise quarterback at a 3 p.m. ET press conference. The man making the announcement, VP of Operations John Elway, was, of course, Denver's last true franchise quarterback.

As many reports have indicated, the Manning signing will have the Broncos looking to trade Tim Tebow as soon as possible.

On Monday morning, Manning called the three teams in pursuit to let them know their standings - the San Francisco 49ers and Tennessee Titans out, and the Broncos in. After that, it was up to the two sides to hammer out the particulars.

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"I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos," Indianapolis Colts owner Jim Irsay said in a team statement Tuesday morning. "We wish him nothing but the best as he continues his Hall of Fame career." The Colts released Manning on March 7; their preferable option to paying him a $28 million roster bonus due the next day.

The new collective bargaining agreement will have Manning waiting to talk serious football with some of his new friends.

He can't have official classroom, schematic, or football discussions with the coaching staff until April 16, and he can't have official throwing sessions with the Broncos until that date. He also can't use the team's practice field with the coaching staff present until May 2. However, he can throw to his new receivers away from the team's facilities as soon as he pleases. Former Colts teammate and current Denver resident Brandon Stokley may be charged with finding the best field for such a purpose ... if he can avoid more lacrosse-playing kids.

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Manning had been throwing to former teammates at Duke University under the supervision of coach David Cutcliffe, who was Manning's offensive coordinator at Tennessee. He threw for the Broncos and 49ers there, and for the Titans at a nearby high school field.

Stay tuned to Shutdown Corner for coverage of the Manning press conference, and all other NFL news.

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