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Friday, May 17, 2013
Peyton Manning signs new deal

ESPN.com news services

Denver Broncos quarterback Peyton Manning has signed a new contract, although the deal doesn't alter his compensation, Pro Football Talk reported Friday.

While the NFL's official transaction page discloses it as a "renegotiated contract," a source told Pro Football Talk that Manning still will be paid $40 million over the next two seasons in $20 million chunks.

The new deal, according to the report, adds a clause, which reflects that the team has purchased an insurance clause should Manning suffer a serious injury.  The insurance would both compensate the Broncos and provide a cap credit if Manning can't play.

Manning, the runner-up to Adrian Peterson for MVP last season, missed the 2011 campaign with a neck injury.  The Broncos can avoid the $20 million payment in 2014 only if Manning suffers an injury to the same area of his neck.