Peyton Manning will sign a contract that will mark a new era for both himself and the Broncos.

The contract is for five years and $96 million, with the first year payout of $18 million fully guaranteed, according to an NFL source.

The first year of Peyton Manning’s five-year $96 million contract with the Broncos is guaranteed for $18 million, but another $40 million will be guaranteed if he passes a physical showing his neck if sound after the first year, according to an NFL source.

If Manning passes that neck exam, another $20 million will be guaranteed in 2013 and an additional $20 million will be guaranteed for 2014. If he fails the physical for a reason other than the neck injury, the money will still be guaranteed. The remaining money in the contract, which is not guaranteed, would be $38 million through 2015 and 2016, when Manning would be 41 years old.

Peyton Manning clearly made concessions for his neck issue. The breakdown of his contract, according to multiple NFL sources:

2012: $18 million, fully guaranteed.

2013: $20 million, everything guaranteed unless there is a neck issue.

2014: $20 million, everything guaranteed except for neck.

2015: $19 million, not guaranteed.

2016: $19 million, not guaranteed.

Total: 5 years, $96 million; $58 million in guarantees; $18 million in full guarantee. He had a $26.4 million full first-year guarantee in his previous contract with the Colts, so he did drastically reduce his asking price.

“They’ve got to be protected,” Manning said in a private conversation with The Denver Post. “That’s why the whole medical — I was as open book as I could be. I told them exactly how I feel, what I was working on. They have to know everything to make their decision.

“Even today at the last minute I said, “John (Elway), put it the way you want it. … he and I talked about that from the get-go, on that first visit. You don’t to start off on a bad foot. I kind of argued with them a little bit — on their side. Nobody believes that when you say that. But it’s got to be what they’re comfortable with.”

Manning said there is still some nerve and strength issues but doctors told him he would completely recover.

When Manning signed his five-year, $90 million deal with the Indianapolis Colts on July 31, 2011, he wound up with a first-year payout of $26.4 million. That guarantee came in handy as Manning didn’t take a snap in 2011 because of a neck injury.

It appears Manning made some concession in his deal with the Broncos as his first-year guarantee was lowered 32 percent compared to his previous deal with the Colts.

Manning’s plane landed at Centennial Airport about 9:15 a.m. Broncos owner Pat Bowlen will present Manning with his new Broncos jersey at 1 p.m. news conference today.

After talking personally with Frank Tripucka in the last half hour or so, Manning will wear No. 18 with the Broncos.

The number had been retired since Tripucka retired in 1963. Tripucka was the Broncos’ first quarterback and the first NFL/AFL quarterback to surpass the 3,000-yard milestone in a season. Tripucka told The Denver Post last week that he “would be honored” to have Manning wear No. 18.

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

Mike Klis: 303-954-1055 or mklis@denverpost.com. Jeff Legwold: 303-954-2359 or jlegwold@denverpost.com