Manning's New Contract Has Same Money Terms

(Photo courtesy of CBS Sports)

Update: Manning's revised contract actually saves the Broncos $2.5 million in cap space in both 2013 and 2014.

Quarterback Peyton Manning did sign a slightly altered contract on Thursday evening, but the financial terms and cap numbers were not adjusted.

As USA Today's Lindsay Jones reported, the team merely added an insurance clause to Manning's deal that would come into play if the veteran QB is unable to play in 2014.  The team submitted the new contract to the league on Thursday, when it appeared on NFL.com's transaction page.

But Manning's salary and cap hit will remain the same.  According to spotrac.com, Peyton will be paid $20 million in both 2013 and 2014 and a non-guaranteed $19 million in both 2015 and 2016.

The Broncos currently have over $7 million in cap space, with three more rookies (Sylvester Williams, Montee Ball, and Kayvon Webster) still to sign.  After parting ways with several veterans later this summer, Denver will create more cap room.

A candidate to eat up some of that cap space is veteran defensive back Charles Woodson, who has drawn interest from the team.  With Manning's contract language now finalized, Woodson remains on Denver's radar.