Peyton Manning worked under the tutelage of Duke head coach David Cutliffe this offseason. (Getty Images)
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.