The Colts have Peyton Manning in the fold for five more years.
Manning, the Colts’ franchise quarterback since 1998, has agreed to a five-year, $90 million contract, ESPN’s Chris Mortensen is reporting.
Colts owner Jim Irsay has said that Manning deserves to be the highest-paid player in the league, but Manning said he was willing to take less than the Colts were offering if it meant they’d have more salary cap space for some of his teammates. Mortensen reports that Irsay was willing to go up to $100 million over five years.
We don’t yet know how the numbers break down — how much is guaranteed, how big a signing bonus Manning received — but Manning will average $18 million a year for five more years. Manning agreed to a deal with the same average value as Tom Brady got on his four-year, $72 million contract with the Patriots.
And Manning will be the Colts’ quarterback through the 2015 season, when he’ll be 39 years old.