Brian Spurlock/US PRESSWIRE
Englewood, CO (Sports Network) - Peyton Manning is set to become the new quarterback of the Denver Broncos.
The team has scheduled a news conference for Tuesday afternoon to make it official after hammering out terms of a contract over the past 24 hours.
According to the Denver Post, Manning and the Broncos were working toward a deal in the range of $90 million over five years.
The Broncos were considered one of three finalists in the Manning sweepstakes, joining the San Francisco 49ers and Tennessee Titans. He worked out for all three teams last week.
Denver was the first place he visited after being released by the Indianapolis Colts. The Broncos also went to see Manning throw at Duke University last week.
The Miami Dolphins and Arizona Cardinals were also teams that met with Manning, who is recovering from a neck injury that kept him sidelined for the entire 2011 season.
Manning's neck problems left the Colts a shell of their former selves and they went on to finish 2-14 in 2011. It was bad enough to garner the first pick in the 2012 NFL Draft, and with Stanford quarterback Andrew Luck considered a can't-miss prospect, the Colts elected to clean house.
Bill Polian, the man who selected Manning with the first overall pick of the 1998 draft, was the first to go in Indianapolis. Coach Jim Caldwell soon followed and finally Manning -- buoyed by owner Jim Irsay's decision not to pay a $28 million roster bonus -- on March 7.
The suitors for Manning's first foray into free agency weren't numerous, but Denver was there from the start.
Despite John Elway's pronouncement of Tim Tebow as the starting quarterback entering training camp, the lure of a four-time MVP was probably too great.
Tebow helped the Broncos win the AFC West last season at 8-8, and he also won a playoff game against Pittsburgh, but his unconventional style was always a question mark.
It appears that Tebow will be on the trading block.
Manning started every game in his first 13 years with the Colts, leading the club to 11 playoff appearances and a Super Bowl title after the 2006 season.
The 11-time Pro Bowl selection has passed for 54,828 yards and 399 touchdowns in 208 regular-season games.
The Sports Network