Posted by Sabrina B. @gametimegirl

The Denver Broncos and Petyon Manning reached agreement on a five-year, $96 million contract on Tuesday, a league source told ESPN NFL Insider Adam Schefter.

A source told ESPN business analyst Andrew Brandt that Manning will be paid $18 million in 2012.

He will be paid $20 million in both the 2013 and ’14 seasons if he passes a team physical to be given 10 days before the start of the 2013 league year. There is an injury waiver included in the contract, however, covering Manning’s surgically repaired neck. If he re-injures the neck during the 2013 season, the Broncos will not have to pay his 2014 salary.

He is scheduled to make $19 million in both ’15 and ’16, but must pass a physical before each league year.

Manning will be introduced as the Broncos’ new starting quarterback at a 3 p.m. ET news conference.