Peyton Manning: Does He Deserve to Be the NFL's Highest Paid Player?

Peyton Manning is set to have his contract expire in a few weeks, meaning it is time for the Colts to pony up and give him a new deal.

According to sources close to the negotiations, Indianapolis owner Jim Irsay is prepared to make Manning the highest paid player in NFL history. His previous deal, which was worth $98 million, was one of the highest deals in NFL history when he signed it. Will Irsay follow through and give Manning more than $150 million?

Here are five reasons Manning deserves the contract and five reasons the Colts might want to think about being stingy.

Do you think Manning deserves to be the richest player in NFL history? Let us know.

5. No: Age

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INDIANAPOLIS, IN - JANUARY 08: Quarterback Peyton Manning #18 of the Indianapolis Colts looks to pass against the New York Jets during their 2011 AFC wild card playoff game at Lucas Oil Stadium on January 8, 2011 in Indianapolis, Indiana. The Jets won 17

By the time Manning sees the field next, he will be 35 years old.

He has been in the league since 1998. Even if he plays until he is 40, that will only be another six seasons.

Why would the Colts want to give a huge contract to someone who will only be in the league a short while longer?

5. Yes: Still Dangerous

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OAKLAND, CA - DECEMBER 26: Peyton Manning #18 of the Indianapolis Colts celebrates after a throwing a touchdown against the Oakland Raiders during an NFL game at Oakland-Alameda County Coliseum on December 26, 2010 in Oakland, California. (Photo by Jed

Despite his more advanced age, Manning is still one of the most dangerous quarterbacks in the NFL right now.

He had a career high 4,700 yards this year and finished with 33 touchdowns.

Even though he is older, Manning is still one of the best quarterbacks in the league right now. Had the Colts been forced to start someone else at quarterback, they likely would have the top overall pick in the draft.

4. No: Not Going Anywhere If Underpaid

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OAKLAND, CA - DECEMBER 26: Peyton leaves the field against the Oakland Raiders during an NFL game at Oakland-Alameda County Coliseum on December 26, 2010 in Oakland, California. (Photo by Jed Jacobsohn/Getty Images)

If the Colts decided to be stingy with Manning, would he really leave and go somewhere else?

Absolutely not.

Manning is going to finish his career in Indianapolis whether he was given an unbelievably huge contract or not.

4. Yes: No Decline Or Injuries

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OAKLAND, CA - DECEMBER 26: Peyton Manning #18 of the Indianapolis Colts looks on against the Oakland Raiders during an NFL game at Oakland-Alameda County Coliseum on December 26, 2010 in Oakland, California. (Photo by Jed Jacobsohn/Getty Images)

Over his 13 years in the NFL, Peyton Manning has never missed a game due to injury and he is yet to show any sign of declining skills as an elite NFL quarterback.

If Brett Favre is the bench mark, I think Manning could end up passing him on the all-timer list.

3. No: Struggles in Playoffs

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INDIANAPOLIS, IN - JANUARY 08: Quarterback Peyton Manning #18 of the Indianapolis Colts throws a pss under pressure against the New York Jets during their 2011 AFC wild card playoff game at Lucas Oil Stadium on January 8, 2011 in Indianapolis, Indiana. T

During Manning's storied NFL career, he has been phenomenal in the regular season, but when the playoffs roll around, he struggles.

Would the Colts really want to invest a ton of money in someone who has a clear kryptonite called the playoffs?

3. Yes: Lack of Talent Around Him

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INDIANAPOLIS, IN - JANUARY 08: Quarterback Peyton Manning #18 of the Indianapolis Colts looks on in the huddle against the New York Jets during their 2011 AFC wild card playoff game at Lucas Oil Stadium on January 8, 2011 in Indianapolis, Indiana. (Phot

The Colts' roster is riddled with guys that would not get pass special teams on most other NFL rosters.

If Manning were given a roster that was just a little better, say the 49ers roster, they would be Super Bowl favorites every year and they would probably win.

2. No: Could Use Money Elsewhere

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INDIANAPOLIS, IN - JANUARY 08: Peyton Manning #18 of the Indianapolis Colts attempts to pass the ball to Jacob Tamme #84 against the New York Jets during their 2011 AFC wild card playoff game at Lucas Oil Stadium on January 8, 2011 in Indianapolis, India

If the Colts decided to be a little stingier with Manning, it would give them the opportunity to spend money on other positions of need.

They could use some offensive linemen or some better offensive weapons.

2. Yes: One of Just Five QBs to Win a Super Bowl Currently in the NFL

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Tony Dungy and Peyton Manning after Super Bowl XLI between the Indianapolis Colts and Chicago Bears at Dolphin Stadium in Miami, Florida on February 4, 2007. (Photo by A. Messerschmidt/Getty Images)

In the NFL right now, there are only five quarterbacks with Super Bowl rings and two of them have the last name Manning.

Winning a Super Bowl is a huge burst to an NFL resume and it helps Manning's legacy that he has a championship ring.

1. No: One Super Bowl

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MIAMI GARDENS, FL - FEBRUARY 07: Peyton Manning #18 of the Indianapolis Colts leaves the field after his team was defeated by the New Orleans Saints in Super Bowl XLIV on February 7, 2010 at Sun Life Stadium in Miami Gardens, Florida. (Photo by Donald M

Tom Brady and Ben Roethlisberger both have multiple Super Bowl crowns and Big Ben has a chance to match Brady this year.

If the Colts are going to re-sign their quarterback, it seems like both Brady and Roethlisberger deserve more than Manning.

1. Yes: One of the Best of All Time

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INDIANAPOLIS, IN - JANUARY 08: Peyton Manning #18 of the Indianapolis Colts gestures a she calls signals out at the line of scrimmage against the New York Jets during their 2011 AFC wild card playoff game at Lucas Oil Stadium on January 8, 2011 in Indian

When Manning retires from the NFL, he will be a first ballot Hall of Fame quarterback.

He is already one of the best and most well-respected quarterbacks in NFL history and not everyone can say that.

If he continues at the pace he is currently going, there are quite a few records that Manning will hold.

Conclusion: Does Manning Deserve To Be Highest Paid Ever?

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OAKLAND, CA - DECEMBER 26: Peyton Manning #18 of the Indianapolis Colts looks on against the Oakland Raiders during an NFL game at Oakland-Alameda County Coliseum on December 26, 2010 in Oakland, California. (Photo by Jed Jacobsohn/Getty Images)

While conventional wisdom might say that Tom Brady or Ben Roethlisberger deserve more money, I would not hesitate to make Peyton Manning the highest paid player in NFL history.

If you look at some other teams around the NFL, it is apparent how important a good quarterback is. Manning isn't just good, he is great.