How Peyton Manning made $247 million to become the highest-paid player in NFL history
It seems silly in hindsight, but after a successful college career it was not a slam dunk that Peyton Manning was the best player available in the 1998 NFL Draft as some thought Ryan Leaf was the better choice.
In the end, the Indianapolis Colts made the right decision, drafting Manning and signing him to a 6-year, $47.7 million contract with a $11.6 million signing bonus.
SOURCE: Spotrac.com
Ryan Leaf's rookie contract was worth just $13.2 million over 6 years. He made just $12.6 million from that deal and just $13.0 million in his career.
SOURCE: Spotrac.com
Things did not start out well for Manning. In his rookie season he threw an NFL rookie record 28 interceptions and the Colts won just 3 games.
But things turned around quickly as Manning threw just 15 interceptions his second year and the Colts won 13 games.
Manning got a lucky break when the Tampa Bay Buccaneers fired Tony Dungy despite 3 straight winning seasons, opening the door for Manning to be paired with an excellent defensive-minded coach.
When Manning's rookie contract expired after the 2003 season, the Colts gave him the "franchise tag" which meant the promise of a 1-year, $18.4 million contract to keep him from becoming a free agent.
SOURCE: USA Today
Unlike Derek Jeter, who was lucky to be drafted by the New York Yankees, it didn't matter that Manning was playing in a small-market city since the NFL shares television revenue.
As a result, the Colts were able to give Manning a new 7-year, $99.2 million contract after the 2003 season.
SOURCE: Spotrac.com
That contract included a $34.5 million signing bonus, the largest ever in the NFL at the time. Manning was 27 years old.
Manning would ultimately make $94.7 million with his second contract with his annual salary and bonuses reaching $19.3 million in 2010.
SOURCE: Spotrac.com
At the time of the signing, Manning thought he would spend the rest of his career in Indianapolis.
SOURCE: ESPN.com
The contract expired after the 2010 season when Manning hit all the necessary playing time incentives. Colts owner Jim Irsay promised to give Manning the biggest contract in NFL history.
SOURCE: ESPN.com
At the time, there was great debate over whether Manning deserved a higher average annual salary than Tom Brady, who had recently signed a 4-year, $72 million deal.
After the 2010 season, the Colts once again gave Manning the franchise tag as the uncertainty of the impending lockout loomed.
But 5 days after the lockout ended, Manning signed a new 5-year, $90 million contract.
But that contract lasted just one year as Manning missed the 2011 season following neck surgery and the Colts were faced with having to pay Manning a $28 million bonus if they kept him for the 2012 season.
Manning left the Colts having already made $171.7 million in 14 seasons with one Super Bowl win.
SOURCE: Spotrac.com
A free agent for the first time, Manning ultimately signed a 5-year, $96 million contract with the Denver Broncos with no signing bonus and only $18 million guaranteed.
SOURCE: ProFootballTalk.com
Before signing the deal, Manning was actually furious at his agent for negotiating a deal that was bigger than Tom Brady's contract.
From Peter King of theMMQB.com:
"When Manning picked Denver, he simply asked Condon:
'What does Tom Brady make?'
'$18 million a year.'
'Then I don’t want to make a penny more than that.'
Condon’s visions of a $25 million a year deal were dashed, although the Broncos’ opening offer was $19.4 million a year. Condon phoned to tell Manning, who was incensed:
'I told you I didn’t want to make more than Brady!'
Condon apologized, hung up and called Manning’s wife, who responded, 'I’ll take care of it,' and coaxed Manning to accept the Broncos’ offer."
By the end of this season, Manning will have made $247 million, $59 million more than the second-highest-paid player, his brother, Eli Manning. Peyton is also more than $80 million ahead of Tom Brady.
But Manning may not be done. He will earn a $2 million bonus if the Broncos win the Super Bowl, bringing his total pay for this season to $19 million.
The biggest mystery is whether or not Manning will want to play next season. He has one year left on his contract for $19 million. If the Broncos do bring him back, that number will certainly be renegotiated. It is also possible the Broncos cut him and Manning signs to play one more year somewhere else.
Now check out how insanely competitive Peyton Manning can be
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