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The deal includes a no-trade clause and a $31 million signing bonus.
The 34-year-old Manning, a two-time Super Bowl MVP, completed a career-best 63.1 percent of his passes for 4,410 yards, 30 touchdowns and 14 interceptions in 2014.
Manning was entering the final year of his second NFL contract.
The Giants open their season Sunday night in Dallas against the Cowboys.