Manning's performance quickly answered both of those questions when he started in all sixteen games for the Broncos, helping the team to a 13-3 record while breaking franchise records for completions (400), yards (4,659) and touchdowns (37).
Below, NFL Network provides video highlights of Manning's 2012 season (via BroncoTalk).
Considered one of the top 2012 NFL MVP candidates, Manning will enter the 2013 season at the age of 37. Peyton showed that he still had it in 2012, but the magic may not last much longer.
The Broncos' window of opportunity with Manning may be closing, but the team has a chance "until the game clock hits 0:00," as Broncos Executive Vice President John Elway used to say. Elway would know—he was one of the greatest comeback quarterbacks of all time and won a Super Bowl in Denver at the age of 37.
So, winning the big one at 35-plus years old is an accomplished feat. In 2013, Manning will be looking to add such an accomplishment to his abundance of accolades.