Evaluating the Pros and Cons of Peyton Manning's 5-Year, $96 Million Contract

It appears that Peyton Manning's deal with the Denver Broncos is now all but official and the four-time MVP will be headed to the Mile High City for the 2012 season. Predictably, the 11-time Pro Bowler's contract will be huge, as it is being reported that a five-year, $96 million pact has been agreed upon.

While the five-year contract will give the Broncos the ability to plan things around Manning, the fact that they are committing so much money to him could be dangerous. The National Football Post's Andrew Brandt reports that the quarterback will make $18 million in 2012 without injury protection. If he passes a March 2013 physical it would guarantee a base salary of $20 million in 2013 and 2014.

That essentially means Manning's contract is a one-year, $18 million deal, but if he's healthy next March it becomes a three-year, $58 million deal.

On its face, Manning's new contract is the biggest free agent signing in NFL history, as it carries an average annual value of $19.2 million. That surpasses the deal he signed with the Colts last summer and the four-year, $72 million extension Tom Brady inked with the Patriots in 2010.

As stated above, the good part about this deal is that Denver has solved its glaring need for a franchise quarterback. The Broncos can now turn their attention to filling out the roster around him with weapons, and possibly former teammates.

The negative part of this deal is how much money is being committed to Manning, who will turn 36 on Saturday and is coming off of four neck surgeries.

If he is healthy, the former Colt would be a huge upgrade over Tim Tebow under center. He will immediately make the team much better by solidifying things offensively. But at the same time, if the Broncos trade Tebow away and Manning can't stay healthy, they will have flushed $18 million down the drain and be forced to start all over again at quarterback.

In the end, signing Manning is a risk worth taking for the Broncos and the fact that they pulled it off is impressive.