http://www.nfl.com/teams/story/IND/10012272
INDIANAPOLIS (Feb. 21, 2007) -- Peyton Manning has agreed to restructure his contract with the Indianapolis Colts to save the team nearly $8 million in salary-cap space.
The Super Bowl MVP was to receive a multi-million-dollar roster bonus during the offseason but by converting the money into a regular signing bonus, the Colts can prorate that amount over the remaining four years of his deal. That saves Indianapolis space under the cap, which is $109 million.
The restructuring was disclosed to The Associated Press by a person familiar with the negotiations who spoke on condition of anonymity because the deal had not yet been signed.
Colts spokesman Craig Kelley said the team had no comment.
Manning signed a seven-year contract in March 2004, the season after he shared the league's MVP award with Steve McNair.
He followed that with a record-setting 2004 season in which he threw 49 touchdown passes and earned his second successive league MVP award.
In 2005, Manning guided the Colts to a 13-0 start and the AFC's No. 1 seed before losing in the divisional round of the playoffs to eventual Super Bowl champion Pittsburgh.
But this season, Manning showed more patience in throwing short and relying on his ground game, and used that combination to bring the Colts their first Super Bowl title since moving to Indianapolis in 1984.
Manning has led the Colts to seven playoff appearances in nine seasons, including five straight under coach Tony Dungy, and after breaking John Unitas' franchise record for completions last season is closing in on Unitas' other career records for passing attempts, yardage and touchdowns.
AP NEWS
The Associated Press News Service
Copyright 2007, The Associated Press, All Rights Reserved
INDIANAPOLIS (Feb. 21, 2007) -- Peyton Manning has agreed to restructure his contract with the Indianapolis Colts to save the team nearly $8 million in salary-cap space.
The Super Bowl MVP was to receive a multi-million-dollar roster bonus during the offseason but by converting the money into a regular signing bonus, the Colts can prorate that amount over the remaining four years of his deal. That saves Indianapolis space under the cap, which is $109 million.
The restructuring was disclosed to The Associated Press by a person familiar with the negotiations who spoke on condition of anonymity because the deal had not yet been signed.
Colts spokesman Craig Kelley said the team had no comment.
Manning signed a seven-year contract in March 2004, the season after he shared the league's MVP award with Steve McNair.
He followed that with a record-setting 2004 season in which he threw 49 touchdown passes and earned his second successive league MVP award.
In 2005, Manning guided the Colts to a 13-0 start and the AFC's No. 1 seed before losing in the divisional round of the playoffs to eventual Super Bowl champion Pittsburgh.
But this season, Manning showed more patience in throwing short and relying on his ground game, and used that combination to bring the Colts their first Super Bowl title since moving to Indianapolis in 1984.
Manning has led the Colts to seven playoff appearances in nine seasons, including five straight under coach Tony Dungy, and after breaking John Unitas' franchise record for completions last season is closing in on Unitas' other career records for passing attempts, yardage and touchdowns.
AP NEWS
The Associated Press News Service
Copyright 2007, The Associated Press, All Rights Reserved
