Peyton Manning Headed to Denver; Broncos to Boot Tim Tebow?

Broncos Offer MVP Quarterback Five-Year, $95M Contract, According to Sources

Peyton Manning, formerly the NFL quarterback of the Indianapolis Colts, has decided to sign with the Denver Broncos, media outlets announced Monday. The news comes amid reports that the Broncos are also seeking to let Tim Tebow go after just two seasons.

A report issued on Monday by ESPN suggests that with the addition of Manning, deemed by many as the best quarterback in the NFL, the Broncos are seeking to trade their current quarterback, 23-year-old Tebow.

ESPN reports that Manning, with the help of his agent Tom Condon, has been in contract negotiations with the Broncos since March 7, when the Colts released him.

The four-time NFL MVP called John Elway, vice president of the Broncos' football operations, on Monday morning to "tell him he's looking forward to coming to play for him," Fox News reported.

He also called the San Francisco 49ers and Tennessee Titans, as he was initially considering signing contract deals with those teams as well.

Elway and other Broncos coaches and executives met with Manning on Friday, March 16, in North Carolina to watch their prospective quarterback throw and continue with contract negotiations.

On Friday, Elway tweeted, "We enjoyed visiting with Peyton today in N.C. He threw the ball great and looked very comfortable out there."

"Watching him throw today was the next step in this important process for our team and Peyton. It was a productive visit and went well," Elway added. 

According to Yahoo Sports, Manning's new contract with the Broncos is expected to be a five-year, $95 million offer.

Although nothing has been confirmed, several sources suggest that the Broncos are looking to trade Tebow, as there is evidently not enough room for two star quarterbacks on one NFL team. Tebow, also a devout Christian, led the Broncos to a playoff appearance last season.

According to Fox News, Elway was never sold on Tebow's skills, and therefore jumped at the chance to recruit Manning.

Critics argue that Manning's neck surgery, which kept him from playing for the Colts' during the 2011 season, was a major factor in the team's decision to let him go. The Colts then targeted Stanford quarterback Andrew Luck as their first pick in the draft.