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Denver Broncos quarterback Peyton Manning has signed a new contract, although the deal doesn't alter his compensation, Pro Football Talk reported Friday.
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.
Makes sense. Can't remember the exact specifics but when he initially signed with Denver think there were clauses every offseason for them to basically cut him loose w/o a cap penalty because of the neck. Probably something like guaranteeing the next two years for Peyton but still giving Denver something of an out.