Peyton Manning Agrees to Pay Cut: Latest Details, Comments, Reaction

With the Denver Broncos needing money to upgrade their roster or retain their free agents, Peyton Manning has agreed to accept a reduced salary next season.    

According to ESPN.com's Chris Mortensen and Jeff Legwold, Manning's restructured deal will pay him $15 million in 2015. However, he could earn the money back through incentives: $2 million for winning the AFC Championship and $2 million for winning the Super Bowl.

According to the duo, negotiations between Manning and the Broncos started after a February 12 meeting, moving "at a deliberate pace."

Mike Klis of The Denver Post had Manning's thoughts on taking a pay cut:

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I don't talk about my contract. I never have in 18 years and I'm not going to start now. I've been working real hard and I'm excited to be back with the Denver Broncos. Can't wait for April 13 to get here when the team can finally come together. I'm excited to get to work and get to know the new coaches and looking forward to trying to make 2015 a special year.

"

Klis revealed Manning was initially asked to take an even bigger pay cut, and Klis suggested Manning was "irked" by the situation. The report added, "Manning, who will turn 39 on March 24, is expected to be at Broncos headquarters Thursday to take his physical exam and sign his restructured contract."

The report also included a quote from Manning dating back to before the Super Bowl, when he said he wanted to see how he fits into the changes and "how does Coach [Gary] Kubiak see me possibly fitting in with him and his team."

Manning offered more on how he will fit with Kubiak, per Klis:

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I feel like I'm pretty flexible. I feel like some how, some way I've found different ways to make things work. I look forward to working with coach Kubiak and trying to do my job and do whatever I can to help the team.

I'm looking forward to the stimulation part of it, I think learning new things as you become an older player is a good thing. Learn new ideas, different ways. I look forward to it.

"

Despite the pay cut, Manning can still make up the $4 million in incentives, per Ian Rapoport of the NFL Network. 

Manning's salary has been the source of much debate this offseason.

Bleacher Report's Jason Cole reported in the video embedded below that the Broncos were "ready to move on if they have to" if Manning didn't come to an agreement on a reduced salary. 

Even though a pay cut may not be Manning's ideal solution, Joel Corry of CBS Sports wrote in February the future Hall of Fame quarterback is not lacking for money:

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Manning is in the best position financially of any NFL player to take a big pay cut. He has made $228.714 million from his NFL player contracts during his 17 NFL seasons. This is almost $75 million more than the $154,029,500 Brady has earned in 15 NFL seasons.

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Keep in mind that doesn't include all of Manning's endorsements, which you know are everywhere if you've watched 12 minutes of television in the last several months. 

The Broncos need to find money to pay wide receiver Demaryius Thomas, who had the franchise tag placed on him Monday, and possibly tight end Julius Thomas. 

Manning may not have finished the season well, with a four-interception game against the Cincinnati Bengals and a pedestrian performance against the Indianapolis Colts in the divisional round, but he finished the year with 4,727 yards and 39 touchdowns. 

Given the market for quarterbacks and those 2014 numbers, Manning's $15 million salary for 2015 looks like a bargain.   

With the Broncos still hovering around the Super Bowl picture, paying Manning a hefty salary is something  general manager John Elway is more than willing to do in pursuit of glory.