According to ESPN’s Chris Mortensen and Jeff Legwold, Denver Broncos quarterback Peyton Manning agreed to a $4 Million pay cut. Manning was originally supposed to make $19 Million, but will make $15 Million after the new contract.
Manning passed his physical prior to inking the new deal.
If Manning refused to take a pay cut, the Broncos would have obviously retained the quarterback at $19 Million. However, the $4 Million that is freed in cap space will certainly help the Broncos in free agency.