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Colts lock up Peyton Manning for five years, $90M

July 31, 2011

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— Peyton Manning has a new long-term deal in time to report to training camp.

He still hasn’t been cleared to practice.

Colts owner Jim Irsay said he was “thrilled” to sign the only four-time MVP in league history to a deal that will likely keep him in Indianapolis for the rest of his career. It’s a five-year contract for $90 million with $69 million of that paid in the first three years, Irsay posted on his Twitter account.

“Signing Peyton was a top priority for this organization and we are thrilled that the deal is complete,” Irsay said in a statement released by the team Saturday. “We feel that it is a salary cap friendly deal and it allows us more flexibility.”

Irsay and team president Bill Polian are scheduled to discuss the deal at a news conference this afternoon.

The deal comes nearly five months after the team used the exclusive franchise tag to prevent Manning from negotiating with any other teams. Had Manning signed the one-year offer, he would have made $23.1 million this season.

By getting the long-term deal done, Manning’s salary-cap number will be reduced this season to $16 million, Irsay wrote, allowing the team to sign more of its own free agents.

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