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Manning signs five-year deal

Updated: Jul 30, 2011 5:39 PM EDT Saturday, July 30, 2011 5:39 PM EST

Indianapolis – According to ESPN, Colts quarterback Peyton Manning has agreed to a five-year contract with the team.

The deal is worth $90 million, which averages out to $18 million a year.

Colts owner Jim Irsay has sent out a tweet stating, “WE HAVE A DEAL!!!!”

The deal with Manning is equal to what New England Patriots quarterback Tom Brady is making, sources told ESPN senior NFL analyst Chris Mortensen Saturday.

“Signing Peyton was a top priority for this organization and we are thrilled that the deal is complete,” Irsay said in a release Saturday. “We feel that it is a salary cap friendly deal and it allows us more flexibility.”

A Colts source said Manning had told Irsay a five-year, $100 million proposal, that was heavily back-loaded in the final two years, was not necessary to give him a $20 million average that no NFL player has ever attained.

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