INDIANAPOLIS (AP) — Peyton Manning has a new long-term deal in time to report to training camp.
He still hasn’t been cleared to practice.
Colts owner Jim Irsay said he was “thrilled” to sign the only four-time MVP in league history to a deal that will likely keep him in Indianapolis for the rest of his career. It’s a five-year contract for $90 million with $69 million of that paid in the first three years, Irsay posted on his Twitter account.
Irsay and team president Bill Polian are scheduled to discuss the deal at a Sunday afternoon news conference.
The deal comes nearly five months after the team used the exclusive franchise tag to prevent Manning from negotiating with any other teams. Had Manning signed the one-year offer, he would have made $23.1 million this season.
By getting the long-term deal done, Manning’s salary cap number will be reduced this season to $16 million, Irsay wrote, allowing the team to sign more of its own free agents. The deal should ensure Manning arrives in camp on time.
But Manning will not practice because he’s continuing to rehabilitate from neck surgery he had in May. It was the second since March 2010 that he had neck surgery.
Caldwell also said Friday he did not expect Manning to practice, and the team announced Saturday it will put Manning on the physically unable to perform list, preventing him from practicing until he is removed from the list.
Manning has started all 227 regular-season and playoff games in his 14-year career, and the Colts have repeatedly said they expect Manning to be ready to start the regular-season opener against Houston.
Manning has completed 64.9 percent of his passes in his career, has thrown for nearly 55,000 yards and 399 touchdowns. He’s led the Colts to the playoffs 12 times, to two Super Bowls and one world championship.
But as the negotiations dragged on, Manning became more irritated with the pace.
On Friday night, he told The Indianapolis Star that he had instructed agent Tom Condon to complete the deal by Sunday at the latest.
And after months of Irsay promising to make Manning the highest-paid player in league history, surpassing the annual average salary of $18 million that Tom Brady agreed to in September. Manning also said he didn’t have to have the title.