Peyton Manning's Super Bowl 50 victory over the Carolina Panthers was indeed his last rodeo.

The five-time NFL MVP is retiring, the Denver Broncos announced Sunday. The team will hold a news conference at 1 p.m. ET Monday for Manning to discuss stepping away from the game after 18 seasons and two Super Bowl victories.

"When you look at everything Peyton has accomplished as a player and person, it's easy to see how fortunate we've been to have him on our team," Broncos executive vice president of football operations and general manager John Elway said in a statement. "Peyton was everything that we thought he was and even more -- not only for the football team but in the community. I'm very thankful Peyton chose to play for the Denver Broncos, and I congratulate him on his Hall of Fame career."

Manning called the Broncos on Saturday night to inform them he would be retiring. The Monday news conference had been previously scheduled, but the Broncos didn't know what Manning's decision would be until he called them.

ESPN's Chris Mortensen first reported Manning's decision, which clears $19 million in cap room for the Broncos.

"Peyton Manning's extraordinary career was driven by his talent, an incredible work ethic, and an unwavering desire to be the best and ended so perfectly for him with a Super Bowl victory," NFL commissioner Roger Goodell said in a statement. "Peyton's competitive fire and love of the game made him a legendary player who thrilled fans for a generation. He has served as a great representative of the NFL both on the field and in his community. We are forever grateful for Peyton's unmatched contributions to the game and know that his success will continue in the next phase of his life."

The quarterback made four Super Bowl trips with two titles, set a slew of records and earned a place on football's Mount Rushmore. He will retire as the NFL's all-time leader in passing touchdowns (539), passing yards (71,940) and quarterback wins (186, tied with Brett Favre).

Manning, who played 14 seasons with the Indianapolis Colts, was a first-ballot Hall­ of­ Famer­-in­-waiting before spinal fusion surgery caused him to miss the 2011 season. He went to the Broncos as a free agent in 2012 and had the most prolific season of any quarterback in history in 2013, setting records for the most passing yards and touchdowns in a single season. The Broncos made two Super Bowl trips in Manning's final three seasons. Manning also follows in Elway's footsteps, retiring as a Super Bowl winner.

When he embraced New England Patriots coach Bill Belichick after the Broncos' AFC Championship Game victory in January, NFL Films cameras captured audio of Manning hinting to the coach that the 2015 season would be his last.

"This might be my last rodeo. So it sure has been a pleasure," Manning said.

Belichick said Sunday night that he had the utmost respect for Manning.

"I can honestly say that I never 'enjoyed' our meetings, but the respect I have for Peyton Manning as a competitor was, and will likely remain, second to none," Belichick said.

Tom Brady, a longtime AFC rival and comparison point across the years, congratulated Manning for changing the game in a Facebook post.

Congratulations Peyton, on an incredible career. You changed the game forever and made everyone around you better. It's been an honor. Posted by Tom Brady on Sunday, March 6, 2016

Brady elaborated on his thoughts to TheMMQB.com, saying Manning "set the standard for how to play the quarterback position."

Tennessee football coach Butch Jones said in a statement, in part, "On behalf of our football program, we want to congratulate Peyton Manning on a truly remarkable career. We are so fortunate to have Peyton as an ambassador to the University of Tennessee. His name is and will always be synonymous with Tennessee. ... Peyton defines excellence in every sense of the word."

The 39-year-old Manning was a Super Bowl MVP, a 14-time Pro Bowl selection and a seven-time first-team All-Pro. His teams made the playoffs in 15 of his 18 seasons, and he reached the 4,000-yard passing mark in 14 seasons.

In the Broncos' record-setting 2013 season, when they scored a single-season record 606 points -- the first time in league history a team topped 600 -- Manning set single-season records for passing yards (5,477) and touchdown passes (55). It was the second time Manning threw for at least 49 touchdowns (2004 was the first) -- a mark reached only one other time in NFL history (Brady in 2007).

Manning said his final season was the "most unique" of his career. He missed seven starts with a tear in the plantar fascia near his left heel. In November, Manning had a cast on his left foot. In December, he was running the scout team, and by January, he was back in the lineup for one more playoff run.

After 18 seasons, four trips to the Super Bowl and two titles, Broncos QB Peyton Manning has decided to say farewell. Ron Chenoy/USA TODAY Sports

All the while there were reports, which he strongly denied, questioning Manning's skills as a teammate and linking him to human growth hormone. The first report alleged he would refuse to be the backup quarterback. He called that "bulls---." Then Al Jazeera America reported that HGH was allegedly shipped to his wife, Ashley. Manning repeatedly said the report was "garbage."

Manning also is among the athletes cited in a lawsuit filed by a group of women alleging that the University of Tennessee violated Title IX regulations and created a "hostile sexual environment" with an attitude of indifference toward assaults by student-athletes.

The Tennessee lawsuit alleges that in 1996, when Manning was the Volunteers' quarterback, he placed his genitals on the face of a female athletic trainer while she was examining him for an injury. Manning has denied that he assaulted the trainer, saying instead that he was "mooning" a teammate. Manning was never the subject of a police investigation in the incident.

The trainer, Dr. Jamie Naughright, later sued Manning. In documents filed on her behalf in the case, the player whom Manning said he was "mooning," Malcolm Saxon, contradicted Manning's account.

Naughright's lawsuit against Manning was settled in 1997 with the agreement that she leave the university.

Peyton's pantheon Peyton Manning leaves the football field with a slew of NFL records and a future spot in the Pro Football Hall of Fame. Notable NFL records held by Manning Record Total Passing yards, career 71,940 Passing yards, season 5,477 (2013) 4,000-yard seasons 14 400-yard games, season 4* (2013) Passing TDs, career 539 Passing TDs, season 55 (2013) Passing TDs as rookie 26* (1998) Passing TDs, game 7* (2013) QB wins, career 186* * Tied

--ESPN Stats & Information

Manning's return following his 2011 surgery surprised many in the league. He could barely throw a football 10 yards when he began his recovery, and even after he signed with the Broncos in March 2012, there was enough uncertainty that the team used a second-round pick to select Brock Osweiler in the draft.

"What he's done, man, he's the greatest," Broncos cornerback Chris Harris Jr. has said. "Some people ... you have to say, 'You remember that guy?' and then you keep saying things. He's Peyton Manning. That's it. You just say Peyton Manning."

Elway promised Manning he would do everything in his power to send him out with a championship. Elway also said he liked "to sign Hall of Famers with chips on their shoulders."

"It was a blessing to coach Peyton Manning. Nobody worked harder at the game and nobody prepared harder than Peyton," Broncos coach Gary Kubiak said in a statement. "His preparation was the best I've ever seen with how he went about his business. There was nothing like his work habits. Each and every week, he did everything he could to get ready to play not only against the defense but even against the coordinator.

"Being with him this season, going through what we went through and accomplishing what we accomplished -- that was special. He and I battled together and along the way we talked about dreaming that it could end the way it ended. And I'll be damned, it did."

Peyton Manning reshaped the Colts into a perennial contender during his 14 seasons in Indianapolis. Al Pereira/Getty Images

Beyond the numbers, the production and the fact that he helped four head coaches reach the Super Bowl, Manning's legacy will be his ability to put the game back into the hands of the quarterback. From the time the Colts made him the first pick of the 1998 draft and then-coach Jim Mora played Manning for every snap of his rookie season, Manning has been the man in charge. He put both the Colts and the Broncos in the annual Super Bowl discussion.

"Peyton Manning is the kind of player, the rare kind of player, where no matter how long you played with him, whether it was a month, a year, 10 years, a week, you're always going to say, 'I played with Peyton Manning,'" Broncos tackle Ryan Harris has said. "You don't say Peyton Manning and I played together or that Peyton Manning was on my team. You say, 'I played with Peyton Manning.' And people could not know anything about you as a player, or what you did, or if you were any good, and they would immediately know you played with one of the best ever and you were always one of the teams that [had] a real shot at the Super Bowl. He's forever."

Los Angeles Rams coach Jeff Fisher has likened facing Manning to "playing a computer who knows what you did before, what you're doing now and what you're planning to do later." Manning's recall of defenses, situations and plays -- he once gave detailed descriptions of the scoring plays of every player who caught just one touchdown pass from him -- was the stuff of legend.

"Peyton, he made me better. He made a lot of guys better," former Broncos and Colts wide receiver Brandon Stokley said. "We would have made the NFL probably, but Peyton made us all better. We were more because we played with Peyton Manning. And just think about how many guys can say that."

Manning operated with complete freedom at the line of scrimmage. His 14-year career with the Colts helped football flourish in Indiana, resulting in a new stadium and the Midwestern city's selection to host a Super Bowl.

"Few have left their marks on a sport as Peyton Manning has. Simply put, he revolutionized NFL football," Colts owner Jim Irsay said in a statement. "Peyton energized it as had no one before him, he made it more fun for our fans, and made the game better. ... I am proud and thankful for all he's done for the Colts, our community, and the NFL."

Detroit Lions coach Jim Caldwell, who was one of Manning's head coaches with the Colts, said in a statement that "there will never be another Peyton Manning."

"There wasn't a day that went by that he wasn't working to get better. In many ways, he prepared each and every day as if he were a free agent trying to earn a spot on an NFL roster. He was driven to be the best," he said.

A sought-after pitchman off the field, Manning's No. 18 has been worn by countless quarterback hopefuls from coast to coast, and he will be enshrined in Canton, Ohio, when the Pro Football Hall of Fame's five-year waiting period is over.

As the late Broncos cornerback Darrent Williams said after Manning's Colts repeatedly threw at him: "Man, everybody knows that's the great Peyton Manning ... and Peyton Manning is going to do what Peyton Manning does."