Without taking a snap for the Broncos, Peyton Manning has engineered one of the biggest upsets in the history of a storied NFL franchise. He killed Tebowmania.

After the anticipation of a Hall of Fame quarterback wearing orange and blue, how can Denver possibly go back to Tim Tebow?

With all due respect to Manning and his recent medical issues, however, the quarterback who has his neck on the line is Broncos executive John Elway.

Elway, whose fourth-quarter comebacks earned him a reputation as one of the greatest closers in league history, had better not botch this deal with Manning.

Elway can beat anybody in the football aspect of the deal. He’s a bigger star in the game than Arizona wide receiver Larry Fitzgerald. He’s a more appealing boss than Miami coach Joe Philbin. The fact Manning has scheduled a visit with Tennessee is not nearly as concerning as if Houston were a serious suitor. Major props to Elway for selling Denver as an attractive destination for Manning, who would rather watch NFL videotape than play golf.

Next on the schedule: the money game.

Dolphins owner Stephen Ross is worth $3.1 billion. He can give Manning a blank check during the contract negotiation phase.

Here’s the chance for Broncos owner Pat Bowlen to step up against a financial heavyweight and prove winning still matters as much in Denver as when taxpayers built a stadium during the glory years.

Bravo to Bowlen for his willingness to play a high-stakes game, especially when the prize is a quarterback who is damaged goods, no matter how well he’s throwing the football.

That’s why Elway can’t afford to be wrong.

From expensive whiffs on free agents to the lukewarm response of customers to playoff tickets, I would argue the long, beautiful relationship between coach Mike Shanahan and Bowlen broke up over the same issue that causes many divorces: money.

During the final months of the Josh McDaniels’ regime, anybody with ears heard private grousing about the team’s budgetary restraints.

And now Elway wants to gamble millions on a 35-year-old quarterback who missed the entire 2011 season after neck-fusion surgery?

Hey, it could work. As long as his brilliant football mind is functioning, Manning has a distinct advantage over any player in the stadium. Heck, Elway won the Super Bowl twice after surgery on his throwing arm left his biceps looking like an ice cream cone that dropped a scoop on the sidewalk.

With stellar cornerback Champ Bailey turning 34 years old in June and 68 candles on Bowlen’s most recent birthday cake, it’s easy to understand the urgency for Denver winning now by any of us who see gray hair in the mirror.

But unlike Houston or San Francisco, the Broncos need more than a healthy, all-star quarterback to be a serious Super Bowl contender.

Elway refused to go all-in with Tebow.

Now it’s Manning or bust.

Don’t get me wrong. Manning is a major upgrade over Tebow. Acquiring Manning as a free agent would allow Elway and general manager Brian Xanders to address needs at defensive tackle and safety in early rounds of the NFL draft. That part of the architectural plan makes sense.

But it would be crazy optimistic, if not downright foolish, to expect the Manning of 2012 to replicate the 49 touchdown passes and 4,557 yards he produced in 2004. Let’s hope Manning can be as effective as Brett Favre was in his late 30s.

If Tebow was miffed when his starting job with the Broncos was grabbed away from him last year in training camp, he understands now that loyalty is the most meaningless word in the NFL. He made a wretched team relevant. He beat Ben Roethlisberger and Pittsburgh in the playoffs. What’s that worth? A kick in the teeth by a Colt, if Manning wants a locker at Dove Valley.

Tebow might forgive the Broncos’ dalliance with Manning, but he would be a fool to forget it. The shine is off Tebowmania in Denver.

What’s Plan B? A major letdown.

It would be hard to serve the idea of Oklahoma State’s Brandon Weeden after the city has drooled in anticipation of a quarterback with a Hall of Fame spot already reserved in Canton, Ohio.

At this point, the Broncos need Manning more than Manning needs the Broncos.

So here are three friendly words of advice for Mr. Elway:

Cut that meat.

Mark Kiszla: 303-954-1053 or mkiszla@denverpost.com