The longer Peyton Manning plays hard to get, the more ESPN and Fox Sports are willing to pay him, sources tell Sporting News. Both networks are so hungry for Manning to call their respective "Monday Night Football" and "Thursday Night Football" games that they're willing to pay him up to $10 million annually.

That's virtually unheard of for an NFL color analyst. ESPN's former Monday Night Football analyst, Jon Gruden, was the network's highest-paid employee at $6.5 million year as of 2015, according to author Jim Miller. But these are not normal times for ESPN, Fox or the NFL.

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The NFL's TV ratings fell 9.7% during the 2017 season following an 8% slide the year before. The league has lost one out of every four TV viewers in just two years. Both ESPN and Fox are looking to shore up their respective MNF and TNF primetime packages. By himself, Manning could bring back viewers who've turned off the NFL — and lure casual viewers curious to hear his TV take.

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The affable Manning has proven his consumer appeal on "Saturday Night Live" and in countless ad campaigns for Madison Avenue. The two-time Super Bowl champion is renowned for his football acumen and legendary work ethic. But Manning also is interested in a John Elway/Derek Jeter-type role in which he runs/owns a sports franchise. The longer Hamlet takes to make up his mind, the higher goes his price tag.

Manning finds himself at a golden moment where the NFL's TV partners need the ex-Broncos/Colts quarterback more than he needs them. The superlative performance of rookie CBS analyst Tony Romo has encouraged CBS' competitors to swing for the fences on big talent hires, said a source.

"Peyton Manning is Tony Romo with a Super Bowl ring," said the source. "This is a battle for the Midwest. He's super-popular in the Midwest. He's got this 'Aw Shucks,' thing down pat. The Mannings are the first family of football."

ESPN and Fox declined to comment on Manning, who could not be reached for comment. In an interview with Richard Deitsch of Sports Illustrated, ESPN executive Stephanie Druley said they were interested in Manning as Gruden's replacement on MNF: "We would be foolish not to talk to him." ESPN also is considering Matt Hasselbeck, who called the Pro Bowl after Gruden left to coach the Raiders following a nine-year stint in the MNF booth.

Fox executives, meanwhile, courted Manning during the network's recent broadcast of the Daytona 500, where "The Sheriff" drove the pace car. Andrew Marchand of the New York Post reports Fox wants to create a TNF "dream team" of Manning and Troy Aikman, with the former Cowboys quarterback handing the telecast off to Manning on the pregame show.

A $10 million annual salary for Manning sounds high. But Gruden will make $10 million a year with the Raiders. It's a drop in the bucket for Fox given the network's recent $3 billion, five-year deal for TNF.

Fox will pay $550 million a year through the 2022 to air TNF, according to SportsBusiness Daily. Both CBS Sports and NBC Sports previously lost money on the split TNF package. Analysts expect Fox to lose tens of million per year on the new deal. If 21st Century Fox has already accepted it will lose money on TNF, in exchange for one of the league's three primetime TV games, then the opportunity to land the white whale of sports TV may be worth the risk.

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Jim Nantz has a unique perspective on both Manning and Romo. He's been friends with Manning for years. Nantz was the unsung hero of the Romo success story on CBS last season, tutoring the rookie broadcaster and helping him shine on TV. Everything Manning decides to do, he succeeds at, Nantz told Sporting News Tuesday in New York during a preview of CBS/Turner's March Madness coverage. The broadcast booth would be no different.

"There are so many things that Peyton can do with his life. I’m sure that’s what he’s weighing right now," Nantz said. "I believe that he would be capable, if the opportunity came along and he wanted to run an NFL franchise like John Elway, if that was available to him, I think there would be interest, and I think he would be very good at it.

"If Peyton wanted to get into the television business, he’s going to work like everything else he does. He will think everything through, and outwork everyone, and he will be good at it. But that’s something he has to weigh right now. I have no insight or knowledge of where that is. I wish him well."

Make no mistake, Manning's return to the NFL spotlight would be large.

"[Manning's] been an important voice for the game his whole career. He’s been one of those athletes who can transcend his sport. To be able to host 'Saturday Night Live' and do many marketing opportunities and succeed at it," Nantz said. "If he decides he wants to lend his voice to the booth, people will care a lot about what he says, because his voice matters."