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Peyton Manning passes physical for Denver Broncos

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Peyton Manning's return to Denver is official. The Broncos announced the news Thursday, confirming that Manning has passed his physical and will return to the team on a reworked contract.

"We're glad to work something out with Peyton so that he will be part of our team this season," Broncos VP/EVP John Elway said in a statement.

The news came after weeks of work on Manning's contract. NFL Media Insider Ian Rapoport reported Wednesday that Manning will take a $4 million pay cut, per a source informed of his plans.

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ESPN first reported the news.

"I don't talk about my contract. I never have in 18 years and I'm not going to start now," Manning said Wednesday afternoon, via The Denver Post. "I've been working real hard and I'm excited to be back with the Denver Broncos. Can't wait for April 13 to get here when the team can finally come together. I'm excited to get to work and get to know the new coaches and looking forward to trying to make 2015 a special year."

The Broncos seemed to have the leverage all along, seeing as Manning, a quarterback well aware of his legacy, would never walk away from the game over a contract dispute.

Manning will make $15 million in 2015, according to Rapoport. He was slated to make $19 million next season. Rapoport adds, however, that Manning's new contract gives him the ability to make back the $4 million via incentives. NFL Media's Albert Breer added that wins in the AFC Championship Game and Super Bowl are each worth $2 million, totaling the $4 million in incentives.

Now, the team can move forward at full speed, building the roster around a quarterback they know will be there. With the additional savings, they might even have the ability to add a little firepower on offense to negate the inevitable loss of Julius Thomas.

The development ends what seemed like a lengthy, and somewhat passive-aggressive period of the Broncos' offseason. There was talk of Brock Osweiler stepping under center and discussions about how well Manning would even fit in Gary Kubiak's offense.

But after Manning made it clear that he could physically play in 2015, it became apparent the issue was money.

That issue has been solved for what could wind up being Manning's final season.

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