Indianapolis, IN (Sports Network) - Indianapolis Colts franchise quarterback Peyton Manning has agreed to a seven-year deal worth a reported $99.2 million.
According to the online version of the Indianapolis Star, Manning also will receive a $34.5 million signing bonus.
Last week the Colts slapped the franchise tag on their star quarterback, who led Indianapolis to the AFC Championship last season. The Colts were downed by eventual Super-Bowl champion New England.
The transaction of making Manning the franchise player prohibited him from becoming an unrestricted free agent on Wednesday. The tag would have come at one-year value of $18.4 million.
Manning, 27, shared the MVP Award in 2003 with Tennessee quarterback Steve McNair. He completed 67 percent of his passes for 4,267 yards with 29 touchdowns and only 10 interceptions, leading the Colts to the AFC Championship Game.
The Colts selected Manning with the top overall pick in the 1998 NFL Draft out of the University of Tennessee. Since, Manning has started every game under center.