Peyton Manning has agreed to restructure his contract with the Indianapolis Colts to save the team nearly $8 million in salary cap space.
The Super Bowl MVP was to receive a $10 million roster bonus during the offseason, but by converting the money into a regular signing bonus, the Colts can prorate that amount over the remaining four years of his deal. That saves Indianapolis space under the cap, which is $109 million.
The restructuring was disclosed to The Associated Press on Wednesday by a person familiar with the negotiations who spoke on condition of anonymity because the deal had not yet been signed.
Colts spokesman Craig Kelley said the team had no comment.
Manning signed a $98 million contract in March 2004, the season after he shared the league's MVP award with Steve McNair.
He followed that with a record-setting 2004 season, in which he threw 49 touchdown passes and earned his second straight league MVP award.
In 2005, Manning guided the Colts to a 13-0 record and the AFC's No. 1 seed before losing in the divisional round of the playoffs to eventual Super Bowl champion Pittsburgh.
But this season, Manning showed more patience in throwing short and relying on his ground game, using that combination to bring the Colts their first Super Bowl title since moving to Indianapolis in 1984.
Manning has led the Colts to seven playoff appearances in nine seasons, including five straight under coach Tony Dungy, and after breaking John Unitas' franchise record for completions last season is closing in on Unitas' other career records for passing attempts, yardage and touchdowns.
PORTER READY FOR NEW START: Jerry Porter is ready for a new start with the Oakland Raiders.
After a difficult 2006 season when he clashed with coach Art Shell and rarely got on the field, Porter announced Wednesday he is changing his uniform number from 84 to 81 in order to put last season behind him and get off on the right foot with new coach Lane Kiffin.
"For me the new number represents a new start, a new beginning and new attitude," he said in a statement released by the team. "I've had multiple meetings with coach Kiffin and I am very excited about the direction of our team and especially our offense. I can't wait to get started."
Porter had a run-in with Shell over offseason workout plans soon after the coach was hired last February. The receiver also made public a trade demand at the start of training camp. Porter was inactive the first four games of the season and then suspended for insubordination.
The suspension was cut from four games to two games after an appeal, but Porter played only sparingly after that, finishing the season with only just one catch.
Even though Shell was fired at the conclusion of a 2-14 season, it was uncertain whether Porter would want to return to Oakland or the Raiders wanted him back next season. This is an indication that Porter will be an integral part of the team in 2007.
Still up in the air is what the team will do with its other star receiver, Randy Moss, who also complained about Shell's coaching style. Moss, who had career lows with 42 catches for 553 yards and three touchdowns, said last season he might be better off with another team.
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