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After a few weeks of negotiations, the Denver Broncos and Peyton Manning have agreed to restructure his contract for 2015, according to Chris Mortensen and Jeff Legwold of ESPN. According to their report, Manning will make $15 million in base salary this year. That is down from the $19 million he was scheduled to earn.

Manning made the decision to take a pay cut, but he’s not giving any details about his reasoning.

"I don't talk about my contract. I never have in 18 years and I'm not going to start now," Manning told The Denver Post’s Mike Klis on Wednesday afternoon. "I've been working real hard and I'm excited to be back with the Denver Broncos.”

How can the Broncos make the most of the savings from Peyton Manning’s pay cut? Let’s take a look.

Put the Money Toward Demaryius Thomas

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The Broncos made the easy decision to place the non-exclusive franchise tag on superstar wide receiver Demaryius Thomas. The move guarantees Thomas a one-year salary of $12.8 million in 2015. That’s quite the raise from the $3.2 million Thomas made last year.

It’s easy to make the argument that Thomas is the most important part of the team’s passing game:

how important is Demaryius Thomas to #Broncos offense? check out his passing chart. pic.twitter.com/vATDk851PA — Cecil Lammey (@CecilLammey) March 2, 2015

With Thomas tagged, it’s a sign that tight end Julius Thomas is going to move on in free agency. Teams interested in the talented tight end could include the Jacksonville Jaguars, Cleveland Browns and Oakland Raiders. Julius Thomas was a find for the Broncos in the fourth round of the 2011 NFL draft, but now he’s likely to find a new home elsewhere.

The most important reason the franchise tag was placed on Demaryius Thomas is time. With the tag in place, the Broncos and Thomas have until July 15th to work out a new long-term contract. This is where some of the money Manning saved them could go.

Add Talent to the Offensive Line

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There are three spots open on the offensive line that the Broncos need to fill this offseason. Denver needs to find a center, left guard and right tackle through free agency or the draft.

Rodney Hudson (Kansas City Chiefs) is arguably the best young center available on the open market. The money saved from Manning could help pay for the big-money contract that Hudson is likely to get in free agency. The Broncos could sign Hudson for a high price, but he would be a solid starter for the team for years to come.

Chris Myers (Houston Texans) was just released on Wednesday, according to ESPN's Tania Ganguli, and he could be a cheaper option at center. Originally a sixth-round pick for the Broncos in the 2005 NFL draft, Myers has a ton of experience in the zone-blocking system.

As the Texans starter for the last seven years, Myers never missed a start during that time. Due $6 million in the final year of his contract (cap hit of $8 million), it was a logical move for the Texans to move on from the 33-year-old center. If the Broncos spend more at other positions, then Myers could present a value in the middle of the offensive line.

Clint Boling (Cincinnati Bengals) is one of the best guards available in free agency. Technically sound and position versatile (can play tackle or guard), Boling is likely to see a bidding war arise for his services. He could be on the Broncos’ radar, but they’ll have to get him at a decent price.

The draft doesn’t have a strong group of guards available. The top-rated guard, A.J. Cann from South Carolina, is rated as a second-round pick. If the Broncos don’t want to pay a hefty price for a guy like Boling, they could turn to the draft instead. They could also use last year’s third-round pick Michael Schofield as a potential starter at left guard.

The draft may be where the Broncos look for a starting right tackle. At the end of the first round, guys like Ereck Flowers (Miami) or Ty Sambrailo (Colorado State) could be options for the Broncos.

If they add a starter through the draft, the Broncos may still want to add veteran depth through free agency. This is why a player like Derek Newton could be a target for the Broncos. He knows the zone-blocking system, and Newton was decent as a starter at right tackle for the Texans last year. Newton could be reunited with head coach Gary Kubiak, and his price tag may not end up being that high.

The money saved in Manning’s pay cut could be put toward someone up front on the offensive line.

Re-Sign Terrance Knighton?

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Looking to the defensive side, the Broncos have a huge hole to fill at nose tackle. With Jack Del Rio moving on to be the head coach of the Oakland Raiders, the Broncos hired Wade Phillips as their new defensive coordinator. With Phillips comes his suffocating and ferocious 3-4 defense.

The Broncos spent a lot of money on the defensive side of the ball last offseason. Their first three moves in free agency last year added strong safety T.J. Ward, defensive end DeMarcus Ware and cornerback Aqib Talib. Later on, they also added defensive tackle Marvin Austin.

The nose tackle position is the fulcrum of the 3-4 defense. The Broncos need that pivot player to anchor the defensive line.

Fan-favorite Terrance Knighton, aka “Pot Roast,” would be able to fill that role, and has expressed his desire to stay with the Broncos in 2015. He’s never played nose tackle, but Knighton has the size to take up space with ease. He’s also agile enough to create some interior pressure if need be.

The chances of bringing back Knighton are low. As arguably the second-best defensive tackle on the open market (behind the Detroit Lions' Ndamukong Suh), Knighton will be one of the hottest players available. Even with the $4 million in extra space, Knighton is likely to find a huge payday elsewhere.

Klis points out on Twitter a big reason why the Broncos asked Manning to take a pay cut:

Why the pay cut? Broncos have $20.9 million cash increase to 3 players alone--Von Miller, Emmanuel Sanders, Demaryius Thomas--from last year — Mike Klis (@MikeKlis) March 5, 2015

Finding a nose tackle is a need for the Broncos, but they may move forward with Austin or 2013 first-round pick Sylvester Williams at the position in 2015. Earlier this year, general manager John Elway expressed confidence to me when I asked him if Williams could play nose tackle. “If anyone can get the best out of Sylvester, it’s [new defensive line coach] Bill Kollar,” Elway said.

Summary

The move to restructure Manning’s contract was expected for some time. With the new league year beginning next week, the two sides had to get something done.

Ian Rapoport, from NFL.com, reports the pay cut may not change the Broncos’ plans for free agency:

Even with Peyton Manning’s looming $4M pay cut to $15M in 2015, he can make up the money in incentives. Won’t change #Broncos FA approach. — Ian Rapoport (@RapSheet) March 4, 2015

If that’s the case, then why did Denver ask a future Hall of Fame quarterback to accept the first pay cut of his career? It’s not like they’re going to pocket $4 million just because. Now, the move isn’t going to drastically change what the team does in free agency—but the added space will make a difference.

According to Legwold, Manning’s incentives are team-based. Manning could earn a $2 million bonus if the Broncos win the AFC championship. He could earn another $2 million bonus if the Broncos win the Super Bowl.

Manning is taking a chance on himself, and he’s entrusting the front office to use the extra money to build the best possible team around him.

All quotes and injury/practice observations obtained firsthand. Record/statistical information provided via the Broncos' media department unless otherwise noted.

Contract and salary-cap information provided by Spotrac. Transaction history provided by Pro Sports Transactions. Draft grades provided by NFLDraftScout.com.