The agent for quarterback Peyton Manning, Tom Condon, met with team officials this past Thursday in Indianapolis, with the team presenting a new contract proposal, Adam Schefter and Chris Mortensen of ESPN on Sunday cited sources as saying.
According to Mortensen and Schefter, the sides met for "hours, trying to accelerate a process that has generated much speculation but, until this week, no discussion."
The pair cited sources saying the Colts' offer to Manning was "more lucrative than the four-year, $72 million contract that included $48.5 million in guaranteed money that Tom Brady signed in September, according to sources."
Colts Owner and Chief Executive Officer Jim Irsay has said on multiple occasions that he plans to make Manning, 35, the NFL's highest-paid player.
The ESPN report said while that remains true, "sources say the Colts are expressing the need to show reasonable financial constraints on a five-year deal. Sources say team president Bill Polian presented a pitch Thursday that the Colts want more cash flow to build the talent around Manning with a more aggressive offseason that could include a few key free-agent signings."
The sides would like to reach a deal before the NFL's league year ends on March 3. If there is no deal by then, one can not be signed until the NFL owners and NFL Players Association reach an agreement on a new Collective Bargaining Agreement.
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Source: http://nfl.fanhouse.com/2011/01/24/peyton-manning-reportedly-presented-contract-proposal-by-colts/
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