Peyton Manning has a signed a new contract with the Broncos that includes an insurance policy to give the team salary cap credit if the quarterback incurs a serious injury, according to ProFootballTalk.
The financial terms of Manning's contract were not restructured. He will still be paid $40 million guaranteed over the next two seasons -- $20 million in 2013 and 2014.
Though it has been disclosed on the league’s official online transaction page as a “renegotiated” contract, a source with knowledge of the situation tells PFT that the new terms don’t alter the compensation in any way. The insurance would both compensate the Broncos and provide a cap credit in the event Peyton can’t play. To get the cap credit, the contract must refer to the insurance policy. The Broncos can avoid the $20 million payment in 2014 only if Manning suffers injury to the same area of his neck that kept him from playing in 2011.
The Broncos are currently about $7 million under the cap, according to the Denver Post. Manning has spent some of his offseason throwing balls to new receiver Wes Welker and working out with Duke coach David Cutliffe.