Report: Peyton Manning, Denver Broncos working on a revised contract

The issue with reworking Manning's deal is that he has two years left meaning that any potential converted bonus would have to be prorated equally over those two seasons. That would mean creating more dead money on 2016's cap space when another group of FA's headed by Von Miller will hit the market.

Before the beginning of the 2013 season, Manning converted 10 million into a "cash advance" that prorated the 10 million equally over several seasons, leaving his cap hit lower in several seasons (19 million as opposed to 21 million).

Earlier this past season, quarterback Tom Brady was praised for reworking his deal when if fact it had nothing to do with taking a "pay cut" and everything to do with a restructure that actually paid the vet more guaranteed money up front. Brady's average may have been far below market value but his guaranteed money was on par with what was being paid out to the elite quarterbacks of the league.

With a projected spending cap of 148 million for the Broncos, they will have about 26 million free from the salary cap. Much of that however will be allocated towards Demaryius Thomas' eventual franchise tag. WIth other free agent needs and their own draft class to take care of the Broncos will need every penny.

According to one NFL source, the Broncos and Manning's representatives, led by agent Tom Condon, hope to reach a conclusion on a revised contract by early next week. As his current contract is written, Manning's $19 million salary for the 2015 season would become fully guaranteed on March 9, the day before the league's free-agent market opens.

Also looming is Manning's physical which he needs to pass in order to be cleared for action in 2015. All indications are that Manning, at least when it comes to his surgically repaired neck, is in fine condition and ready to take on another season.