Peyton Manning and John Elway have finally reached a deal: despite plenty of speculation, today the announcement was made official and Manning will be the Broncos’ QB for the 2015 season — pushing off the Brock Osweiler reign for at least one more year.

In addition to this announcement, Peyton Manning has also agreed to take a salary reduction to improve the Denver Broncos’ cap situation: instead of making $19 million for 2015, they have reduced it to $15 million. However, the new contract is incentivized: meaning if he wins the AFC Championship and Super Bowl he could make back the lost $4 million.

In the mean time, both the Broncos’ GM and head coach are ecstatic for his return: “We’re excited it’s over,” said Elway. “This time in the offseason it’s always tough for everybody. It’s a tough part of the business.”

As for Peyton, “I’ve been working real hard and I’m excited to be back with the Denver Broncos,”  Manning told The Denver Post. “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.”

Now, there is no word if this season is likely to be Peyton’s last: he is signed through 2016, but there is always the possibility he could retire. The more interesting aspect is if Brock Osweiler will be their next QB: he has been the back up since 2012 and 2015 is the last year in his contract. Will Denver attempt to fill the eventual gap through the draft or free agency? Or will they stick behind the untested Osweiler?

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