Peyton Manning is officially a member of the Denver Broncos after signing a five-year, $96 million contract on Tuesday.

Manning and John Elway took the podium in-front of the media to publicly announce the deal.

From ESPN:

The Denver Broncos introduced Manning as their new starting quarterback at a news conference Tuesday afternoon. Manning earlier reached agreement on a five-year, $96 million contract on Tuesday, a league source told ESPN NFL Insider Adam Schefter.

“I’m very excited to begin the next chapter of my playing career with the Denver Broncos,” Manning said.

He will wear the No. 18, which had been retired by the team, for the Broncos.

A source told ESPN business analyst Andrew Brandt that Manning will be paid $18 million in 2012.

He will be paid $20 million in both the 2013 and ’14 seasons if he passes a team physical to be given 10 days before the start of the 2013 league year. There is an injury waiver included in the contract, however, covering Manning’s surgically repaired neck. If he re-injures the neck during the 2013 season, the Broncos will not have to pay his 2014 salary.

He is scheduled to make $19 million in both ’15 and ’16, but must pass a physical before each league year.

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