At the time Peyton signed the deal, it was believed that the adjusted contract had no new salary cap implications, merely adding a $10 million injury insurance clause for the team. As it turns out, that is not the case.
Manning's new contract pushes back payments previously scheduled to hit the team's salary cap figures in 2013 and 2014, according to ShutdownCorner.com. Originally slated to earn $20 million in each of the next two seasons, Manning will now be making $17.5 million in both 2013 and 2014.
That extra $5 million that will not count against the team's cap over the next two years will count in 2015 and 2016, when Manning is scheduled to now make $21.5 million twice in his final two seasons. To put it simply, Manning is still being paid the same amount of money; when the NFL recognizes it as being paid is what has changed.
If Peyton plays out his entire contract, he will be 41 before hanging up his cleats.
After reworking Manning's contract, the Broncos now have $9.9 million in available 2013 salary cap space (according to Yahoo!). That's more than enough necessarily to finalize a deal with free agent defensive back Charles Woodson.
Woodson is scheduled to visit the Oakland Raiders on Tuesday, but if the Broncos up their offer, NFL Network's Ian Rapoport says Woodson may still end up in Denver.