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.