Collins is guaranteed $4 million this season, thanks to a $1.5 million base salary and $2.5 million signing bonus. He would receive $10 million in base salary in 2012.
The Star reported that Collins will count just $2.75 million against the NFL salary cap this season because he received a two-year deal.
"Hopefully, Peyton will be back, but if he's not, maybe I can be one of the guys that can help this ballclub," Collins said Wednesday after joining the team.
The Associated Press contributed to this report.