Draft Impact: Peyton Manning Chooses Denver Broncos, Negotiations on Per ESPN

The most awaited news of the 2012 NFL offseason has arrived, according to Chris Mortensen and Adam Schefter of ESPN:

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Peyton Manning will become the next quarterback of the Denver Broncos, barring a snag during intensified contract negotiations that have commenced under the instruction of the four-time MVP to his agent Tom Condon, according to multiple sources.

Once the Manning deal becomes official, Denver will try to trade Tim Tebow, according to sources.

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The draft could be greatly shaken up by this in at least a few ways.

Denver could make a run at Pittsburgh Steelers WR Mike Wallace

The Broncos lack experience at wide receiver, and even the inevitable addition of tight end Dallas Clark will still leave them without the chess pieces to maximize Manning's value. Make no mistake, this is a "win now" move for the Broncos, and committing the money and extra first-round pick to obtain Wallace fits that modus operandi. 

San Francisco will be rushing to re-sign Alex Smith, leaving Ryan Tannehill and Miami in a possible arranged marriage, unless...

Alex Smith was in negotiations yesterday with the Miami Dolphins about a long-term contract, after he had received a three-year, $24 million offer from the 49ers, Eric Branch of the San Francisco Chronicle reports. Tim Kawakami of the San Jose Mercury News reports that the deal has remained on the table, but the 49ers, left at the altar by Manning, should commit to Smith if they want to keep their championship window open, even if it means upping the offer.

Unless the Cleveland Browns take Texas A&M QB Ryan Tannehill at No. 4, he should be an easy pick to reunite with collegiate coach and current Dolphins offensive coordinator Mike Sherman at No. 8.

Of course, we can't gloss over the second part of ESPN's report—that Tim Tebow will be available via trade. Dolphins owner Stephen Ross has fallen short on almost every splashy move this offseason, could he pursue Tebow to grab the headlines back from Denver?