© Reuters Quarterback Peyton Manning and the Indianapolis Colts agreed to a five-year $90 million contract on Saturday that will make the four-time most valuable player the National Football League's highest paid player.
Colts owner Jim Irsay announced the deal on Twitter, and it was later reported on the NFL's official website.
"Signing Peyton was a top priority for this organization and we are thrilled that the deal is complete," said owner and CEO Jim Irsay in statement on the Colts website.
"We feel that it is a salary cap friendly deal and it allows us more flexibility."
While the contract will average out at $18 million per season, matching New England Patriots quarterback Tom Brady's deal, Manning will be paid $69 million over the first three seasons.
The $23 million average would easily make the 35-year-old Manning the league's top paid player.
It remains uncertain, though, when Manning will be able to start earning his raise.
"There is every medical indication that he is progressing steadily, said Dr. Hank Feuer, team neurosurgeon.
"While he looks fine, he still has some rehabilitation to go. Recovery from disc surgery is unpredictable and it is not a medical concern that he is not ready at this time."
The Colts quarterback is recovering from off-season neck surgery to correct a disk problem and is expected to miss most, if not all, of the pre-season training camp.
In 13 seasons, all with the Colts, Manning has never missed a game, making 208 consecutive starts while establishing himself as one of the NFL's most durable and dynamic players.
The 11-time Pro Bowler has passed for 54,828 yards, including a career-high 4,700 yards last season, and 399 touchdowns.
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