Peyton Manning Signs 5-Year Deal UPDATED

ESPN is reporting that the Colts have reached an agreement with Peyton Manning for 5 years and $90 million. This locks down Manning for what will likely be thr remainder of his career and is $35 million lower than some were projecting.

Look for a very active period of signings in Indianapolis on the heals of this deal.

UPDATE: Looking like $23 million a year over first three years. Cap implications not entirely clear without full understanding of bonus structure.

UPDATE: Jim Irsay tweets Manning’s 2011 cap hit is $16 million. $7 million under franchise cap hit.