The Broncos still are working out contract language with Manning, league sources told NFL Network insider Jason La Canfora on Tuesday, but a deal is very close.
The crux of the multi-year deal for Manning is done, sources told La Canfora, but the sides still are ironing out some details such as the wording of certain clauses, among other things.
There is every expectation everything will be fully signed off and a contract will be executed prior to Tuesday's scheduled news conference, according to La Canfora.
After a jubilant Monday at the club's Englewood, Colo., facility, Denver salary cap director Mike Sullivan spent much of the evening working on details of the deal with Manning's agent, Tom Condon, long after others had left, NFL Network's Albert Breer reported.
Like the other clubs vying for Manning's services, the Broncos have known that they'd be working off the parameters of the five-year, $90 million deal Manning signed with the Colts in August. But the structure is expected to vary, and protections will be written for the club in case Manning's neck problems recur. The league also must approve the deal.
"More of the offense will be in Peyton's hands," Decker said.
"I was hoping we would win out," Adams said. "I thought we'd be ahead of Denver. I thought he'd want to stay in Tennessee."
Adams told The Tennessean that he jokingly told Manning, "He was going into high altitude, so he better start getting in shape."
The Broncos flew to Durham, N.C., last Friday to watch Manning throw at nearby Duke University. Their contingent included Elway, Fox, general manager Brian Xanders, offensive coordinator Mike McCoy, quarterbacks coach Adam Gase and medical personnel.
One team source told Breer on Monday that the team is very comfortable with the 20 to 30 minutes they spent watching Manning throw last week, adding, "He looked like Peyton."
The Colts' decision to part ways with the four-time MVP, who has thrown for over 54,000 career yards with 399 touchdowns, didn't come as a surprise. Manning missed all of 2011 after undergoing neck surgery the week before the start of the regular season. He was scheduled to receive a $28 million roster bonus had he been with the Colts, a team currently in rebuilding mode with a new coach and general manager, after the start of the league year.