Report: Peyton Manning to take a $4 million pay-cut in 2015

According to ESPN's Chris Mortensen and Jeff Legwold, quarterback Peyton Manning is reportedly taking a $4 million pay cut in 2015. This means that Manning will be making a total of $15 million in 2015 instead of $19 million.

Peyton Manning ready to take $4 million pay-cut on deal in final stages; he'll make $15 million, not $19 million, per @Jeff_Legwold & myself

— Chris Mortensen (@mortreport) March 4, 2015

This news should finally put an end to the Peyton Manning saga that has gone on for almost two months. Peyton Manning will be back in 2015 and has taken a $4 million pay cut.

According to Over The Cap, the Denver Broncos currently have $15,527,342 in cap space after they placed the franchise tag on receiver Demaryius Thomas. An extra 4 million dollars will give the Broncos close to $20 million in cap space, and could get close to $30 million if they decide to make a few cap cuts.

Names like Manny Ramirez, Chris Clark, Andre Caldwell, and Britton Colquitt all could be cut in the coming days. Also, left tackle Ryan Clady is another player who could restructure his contract and give the Broncos a little more cap space.

It will be interesting to see what John Elway has planned for the extra cap space Manning has given the Broncos. Will they try to re-sign tight end Julius Thomas or guard Orlando Franklin? Or will they look to use that extra cash to sign a big name free agent like Devin McCourty, Mike Iupati, or Rodney Hudson?

According to Legwold, the contract is not final until Manning passes a physical exam, which he is expected to take place in the next 24 hours. Also, other minor details on the contract also are being finalized

Update:

From @mortreport and me ... #Broncos and Manning have completed terms of deal pending physical Thursday and the formal signing Thursday.

— Jeff Legwold (@Jeff_Legwold) March 4, 2015

Also from @mortreport and me ... Manning deal will include incentives for AFC Champ game win and Super Bowl win.

— Jeff Legwold (@Jeff_Legwold) March 4, 2015

Manning can earn back the 4 million dollars if the Broncos advance to the AFC Championship game and if they win the Super Bowl.

Details of this deal will be announced officially tomorrow.