Peyton Manning and the Broncos have agreed to terms on a five-year contract worth a reported $96 million on Tuesday, the day after the long-time Indianapolis Colt made the decision to continue his NFL career in Denver.

According to ESPN business analyst Andrew Brandt, Manning will be paid $18 million in 2012. He will be paid $40 million over the 2013 and 2014 seasons. He'll make $19 million in both '15 and '16.

The $18 million this year is guaranteed. According to NFL Network insider Jason La Canfora, the rest of the money comes in annual salaries that depend on Manning passing an annual physical each March. And while details are still a bit vague, both La Canfora and ESPN's Adam Schefter say there is an injury waiver beyond the first year.

The Broncos were one of three finalists for the four-time NFL MVP, along with the Tennessee Titans and the San Francisco 49ers. The Arizona Cardinals and Miami Dolphins also were in the hunt and received meetings with Manning but ultimately didn't make the final three.

The Broncos introduced Manning at a press conference at the team's training facility a short time ago, in a session that Broncos owner Pat Bowlen called "historic."

"Our goal is always to win Super Bowls," Bowlen said. "And Peyton gives us a chance to win another world championship."

Team vice president John Elway told reporters: "We are so fortunate that [Manning] picked the Denver Broncos and I couldn't be happier that he chose to play for us."

In addition to saying his goal was to make Manning "the greatest quarterback to ever play", Elway said, "[Manning] has already made [our team] better, and [teammates] haven't even met him yet."

"I'm very excited to begin the next chapter of my playing career with the Denver Broncos," Manning said in reading from a prepared statement.

Manning thanked all the teams that courted him during his tour, but said in the end he felt the "Broncos were just a great fit."

Asked for specifics, Manning said there really wasn't any one thing that led to his decision.

"I felt very comfortable here. [Elway] and coach [John] Fox felt comfortable, and hopefully that leads to many wins."

Manning made it clear he's ready to get busy, saying at one point: "I'm going to get with strength and training staff right away and go to work."

But the veteran signal caller stressed that his role is that of "teammate."

"I am not going to be the offensive coordinator. I am not going to be involved in personnel decision. Not in the least bit," Manning explained. "I am here simply to be a teammate and do whatever I can to help this team win."

No real question he's capable of that -- assuming he's fully healthy.

Manning turns 36 on Saturday and missed all of last season because of multiple neck operations, which made him expendable to the rebuilding Colts. They cut him March 7 rather than pay a $28 million bonus.

The Broncos, however, have few concerns with Manning's medical condition. He already passed the physical exam that a team of Broncos doctors administered during the visit to Durham, a development that Elway informed Manning of when he returned home to Denver that night.

Manning also passed physical exams by San Francisco and Tennessee but he has told all teams that he still has gains to achieve in terms of arm strength and endurance that are related to nerve regeneration due to his neck injury.

"I'm not where I want to be," Manning said when asked about his current status today. "I want to be where I was before I was injured. ... The sooner I can get started the better."

Pressed further, Manning said he could play a game this Sunday. "I don't know if I would play as well as I would like," he conceded. "but I could play."

Elway said team trainers and doctors felt great about Manning's health. "We really felt he'd be ready to go," Elway said. "I don't consider it much of a risk."

The news of Manning's decision to sign with Denver sent shock waves throughout the league and wasn't lost on his former team.

"I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos," Colts owner Jim Irsay, Manning's previous employer, said in a statement Tuesday. "We wish him nothing but the best as he continues his Hall of Fame career."

The Broncos already have looked into a trade of their incumbent starter at quarterback, Tim Tebow, and currently are looking for a partner. Five teams already have looked into potential trade for Tebow, a league source told NFL Network insider Michael Lombardi on Tuesday.

Broncos wide receiver Eric Decker, who had 44 receptions for 612 yards and eight touchdowns last season, told La Canfora on Monday that he expects the offense to change with Manning now under center and that the quarterback would run the system from the line of scrimmage.

"More of the offense will be in Peyton's hands," Decker said.

And that's exactly what the Broncos -- and specifically -- Elway wanted the most.

Indeed, Elway never sounded all that convinced Tebow was the answer at the league's most important position. The hugely popular quarterback energized the Broncos in a run to the playoffs last season but was plagued by erratic play.

And while my own suggestion on last weekend's edition of FootballDiehards on SiriusXM Fantasy Sports Radio -- that Elway might be willing to pay the $90 million-plus necessary to land Manning just to get out from under Tebowmania -- was said in jest, it apparently wasn't that far off the mark.

Yahoo! Sports columnist Michael Silver suggested on Monday the pursuit of Manning was in part an effort to stem Tebowmania.

The Broncos are expected to be agreeable toward whatever teams are willing to give in any potential Tebow trade, according to Lombardi. Denver used a first-round pick (25th overall) to take Tebow in the 2010 NFL Draft.

Elway told reporters today the team was "going through the process" of deciding what to do with Tebow. He conceded a trade was likely. He and Fox called Tebow last night and "obviously he was disappointed."

"It was a typical Tebow response," Elway said. "Very positive. He said, 'We're taking about Peyton Manning.'"

Tebow threw for 12 touchdown passes and six interceptions while leading the team to seven wins in 11 starts. He led the Broncos to a 29-23 overtime victory over the Pittsburgh Steelers in an AFC wild-card game before falling to the New England Patriots in the divisional round.

As NFL.com noted, some are skeptical of Tebow's ability to be a long-term starter, despite his successful record with the Broncos. Tebow had a completion percentage of 46.5 last season and threw for 1,729 yards. NFL Network analyst Brian Billick was among those wondering about Tebow, saying he would be reluctant to pick up the quarterback if he were making football decisions with a team.

Broncos veteran running back Willis McGahee told NFL Network that there will be teams that want Tebow.

"I don't think it's going to be an issue for him," McGahee said. "I don't know what Tim Tebow is thinking. But Tebow is going to be fine, regardless of the situation or wherever he goes. Tim is going to succeed wherever he goes."

NFL Network's Albert Breer reports that Tebow's value depends on just who is inquiring about his services.

"His value could be good, it could be really bad, depending on what teams get involved," an unnamed NFC personnel executive told Breer. "Intangibles are off the charts, but his talent? Who knows right now? He's a wild card. Thing is, you've got to run a certain kind of offense. And if you're not willing to do that, which a lot of teams aren't, then he has no value at all. At our place? There wouldn't be value, besides as a backup player, and with his intangibles. But I'm sure it's all over the board."

Among the team's mentioned in various speculative reports: Jacksonville, Miami, Green Bay, Philadelphia, New England the New York Jets and Cleveland. Schefter is reporting the Jaguars, Dolphins, Packers and Jets are four of the teams that have contacted Denver.

None have confirmed interest.

Meanwhile, Tebow has told friends he's not surprised that he's about to be sent packing from Denver. And he said the bright side of losing his job to Manning is that he might get to go back home. That's the word from Monica Culpepper, wife of former NFL and Florida Gators player Brad Culpepper, who's a friend of Tebow's.

Monica Culpepper relayed her conversation with Tebow to 970-WFLA (via Profootballtalk.com).

"Brad and I just had dinner with Tim last week and I don't think this comes as a shock or surprise to him that Manning was actually going to go there," she said. "And in all honesty, Tim said, 'I miss home. I miss the South. And hopefully I'll land somewhere in Florida.' I sure hope Jacksonville takes him because he's such a great kid, such a good player and would be so thrilled to come back to the South."

As PFT's Michael David Smith suggests, it's not surprising that Tebow wants to play in Florida, where he was a Heisman Trophy winner and national champion for the Gators, and where he may be the state's most popular athlete.

Smith further suggested the sentiment for Tebow in Jacksonville could become so overwhelming that new Jaguars owner Shad Khan can't help but make it happen, even if his football people are telling him the team needs to say the course with Blaine Gabbert and turn to Chad Henne if Gabbert comes up short. And if the football people can convince Khan that Tebow is not the answer, Smith noted that both the Dolphins and Buccaneers could be tempted by what Tebow can do for them at the box office.

But whether he's desire for his football skills or his ability to put fannies in the stands, Tebow will go.

And there's no denying that Manning is one of the few names big enough to make that happen with minimal damage to the club's standing with local fans. If the Manning era starts out choppily, however, both legendary quarterbacks will be able to withstand it.

As Smith suggested Monday, the next step in the Broncos' offseason plan of action (in addition to trading Tebow) will be assembling a roster of players that fits Manning's strengths.

And even though bringing in Manning's buddies like Jeff Saturday, Brandon Stokley, Dallas Clark or Joseph Addai might be nice, what would really help the offense is the addition of a big-play wide receiver.

"I'd [add] a vertical threat to go along with Eric Decker, Demaryius Thomas -- I might look at Dallas Clark," NFL Network analyst Mike Mayock suggested Monday. "You've made a commitment to Peyton Manning. Now let's go get him the weapons."

Steeler Mike Wallace, a restricted free agent, may just be that receiver. Any team that signs Wallace to an offer sheet that the Steelers don't match would owe the Steelers their first-round draft pick, but Mayock contends Wallace would help the Broncos more than whatever player they might take 25th overall.

It's a valid point.

And several Broncos predicted the free agency floodgates will swing wide now that Manning has officially joined the team.

"I think we'll sign some guys, probably a few guys, like Dallas Clark, Jeff Saturday, guys waiting to see what Peyton was going to do," Broncos defensive end Robert Ayers said. "Defensive guys want to play with a lead, and I'm pretty sure guys are going to assume Peyton will put up points in this offense. We have some weapons."

It should be noted that under terms of the new collective bargaining agreement, Manning is not allowed to engage in classroom football discussions with the coaching staff until April 16.

He will not be allowed to use the team's football field under the supervision and instruction of the coaching staff until May 2. Any throwing sessions under the supervision of trainers that are considered part of his rehab may not involve current Broncos receivers until April 16. He can throw independently with Denver receivers without coaching supervision or instruction but it must be away from the facility until the allowable voluntary window opens per the CBA.

I'll obviously be following up on Manning and his impact in Denver -- specifically on the Fantasy impact on the offense and his offensive teammates -- when they begin working. But it's hard to believe all involved won't benefit to a degree.

A few final notes here. ... Manning said today that he's already met Decker already, and joked that Elvis Dumervil and Champ Bailey have been "blowing up my phone."

He said he hasn't reached out to Tebow, but he intends to.

"If Tim Tebow is here next year, I'm gonna be the best teammate I can be for him," Manning said.

Adding the decision on Tebow's future would be made by others, Manning said, "He's going to be a great player wherever he is, whether that's with Broncos or another team. ..."

And finally. ... While Elway was clearly a major reason Elway decided on the Broncos, don't overlook the presence of Fox.

In 2007, after a May mini-camp workout at the Indianapolis Colts' facility, Manning visited at his locker stall with veteran NFL reporter Len Pasquarelli and spent 20-25 minutes rehashing football at all levels of the game.

During the chat, the always-curious Manning, a man who is obsessed with the game, asked Pasquarelli, now with the Sports Xchange, about the future of Fox in Carolina.

When told that Fox might be in some jeopardy -- he ultimately would last four more seasons with the Panthers before he was dismissed in 2011 -- Manning kind of casually acknowledged, "You know, I could play for him."

Five years later, he will be.