The Broncos and representatives for Peyton Manning have been working on revising the quarterback’s contract, according to multiple NFL sources.

Manning is scheduled to draw a $19 million salary in 2015 and 2016 — down from the $20 million he made in both the 2013 and 2014 seasons.

Restructured contracts can get complicated, which could explain why there’s been a perceived delay in Manning formally announcing his intention to return to play in 2015.

The Manning Watch began after the Broncos’ playoff loss to Indianapolis on Jan. 11, when the battered quarterback said he was unsure whether he wanted to continue playing. He has since determined he intends to play, according to multiple sources. Broncos general manager John Elway and coach Gary Kubiak said at the NFL scouting combine last week they expect Manning to play.

The Broncos did not formally interview any of the draft-eligible quarterbacks at the combine last week, an indication they believe they are set at quarterback in 2015 with Manning and backups Brock Osweiler and Zac Dysert.

Restructuring Manning’s contract isn’t the only reason there has been no formal announcement on his decision. He still must take, and pass, a team physical by next Thursday. Manning, though, said during Super Bowl week that he didn’t anticipate any problems with passing his physical.

He also said at that time that he didn’t want his decision to linger. Yet it’s now four weeks later, and two weeks since Manning flew to Denver and met personally with Elway on Feb. 12, when the future and current Hall of Fame quarterbacks discussed a myriad of subjects, including the possibility of tweaking his contract for salary cap reasons.

The Broncos are about $26 million under their projected $148 million salary cap payroll (including a $5 million rollover from last season), but that doesn’t include the projected $12.8 million salary Demaryius Thomas will get upon receiving the franchise tag on Monday. The team also has up to six restricted free agents (including Brandon Marshall) who must be tendered, which would take up to $6 million of budget room. And the team figures to look at several free agents who are entering their prime when the market opens March 10.

When it comes to revising contracts, the most comparable quarterback to Manning is New England’s Tom Brady. When Brady was named the Super Bowl MVP earlier this month for leading the Patriots to an exhilarating 28-24 victory over Seattle, one of the storylines was how the quarterback selflessly took a pay cut.

Brady might be selfless, but he actually made an additional $3 million more by restructuring his contract.

Here’s how it worked: In his former contract, Brady was to make $15 million (salary, roster bonus and workout bonus) in 2013 and $15 million in 2014.

After the restructuring, Brady made a whopping $31 million ($30 million in a restructuring bonus, $1 million in salary) in 2013, and a $2 million salary in 2014. A combined $33 million. Brady not only got an additional $3 million, he got the bulk of his new deal upfront — which would appeal to any player who will turn 38 in August.

No doubt, Brady took far less than market value when three additional years — at $8 million in 2015, $9 million in 2016 and $10 million in 2017 — were eventually tacked on to his new contract.

Converting Brady’s 2013-14 salaries to a bonus also gave the Patriots significant salary cap relief, as they were able to prorate the $30 million through 2017.

But in summary, Brady did not take a pay cut from the years left on his old deal — he actually got more money. He only took less with a new deal in seasons when he is scheduled to play at ages 38, 39 and 40.

A similar restructuring might not be practical with Manning, though, because his future years figure to be numbered. Manning turns 39 next month.

According to one NFL source, the Broncos and Manning’s representatives, led by agent Tom Condon, hope to reach a conclusion on a revised contract by early next week. As his current contract is written, Manning’s $19 million salary for the 2015 season would become fully guaranteed on March 9, the day before the league’s free-agent market opens.