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Colts sign Peyton Manning to extension

07.30.11 at 4:09 pm ET

Peyton Manning finally got his new deal on Saturday, as Colts owner Jim Irsay tweeted: OFFICIAL—-WE HAVE A DEAL!!!!!!!!!!!!!

Irsay also tweeted the terms of the deal, which will pay the four-time NFL MVP $90 million over five years. The owner noted that the contract was “cap friendly” and will pay Manning $69 million in the deal’s first three years.

The $18 million a year is equal to what reigning MVP Tom Brady makes and puts him next to the Patriots quarterback as the two highest-paid players in the league. An 11-time Pro Bowler, Manning is set to enter his 14th season since being drafted first overall by the Colts in the 1998 draft.

Read More: 2011 NFL Signings, Jim Irsay, Peyton Manning,
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