Peyton Manning has agreed to a five-year, $96 million contract with the Denver Broncos, according to multiple reports.

The Broncos have announced a 3 p.m. news conference to announce the signing of Manning. The news of Manning's desire to sign with the Broncos initially broke on Monday, but the two sides didn't finalize a deal until today, according to ESPN.

Manning joins the Broncos after 14 seasons with the Colts, including a Super Bowl victory and four MVP seasons. The Colts decided to release Manning after landing the No. 1 pick in the NFL Draft, where they are expected to draft Stanford quarterback Andrew Luck.

The decision to part ways was difficult for both Manning and Colts owner Jim Irsay, but Irsay wished Manning all the best with the Broncos.

I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos, Irsay said in a statement. We wish him nothing but the best as he continues his Hall of Fame career.

Manning, 36, represents a high risk-high reward play for the Broncos, who won the AFC West with Tim Tebow as their quarterback last season. Giving close to $100 million to a player coming off a missed 2011-12 season due to neck injuries is always ballsy, but that doesn't even factor in the fallout of displacing the very popular Tebow.

ESPN reported that the Broncos have few concerns with Manning's medical condition after privately working him out, but any player returning from multiple neck surgeries is reason for concern.

The Broncos are expected to trade Tebow or release him if no potential suitors are found. Tebow created a frenzy with Tebow Mania this season as he led the Broncos to a playoff appearance, but John Elway, the team's executive vice president of football operations, was reportedly never quite happy with the very popular quarterback. He is extremely well-liked by fans, but a lot of football people have criticized his unorthodox throwing style.

The Jacksonville Jaguars, Green Bay Packers, and San Francisco 49ers are possible landing spots for the former Heisman winner.