They knew they were going to have to pay the piper. It turns out that amount is almost nine figures long. Adam Schefter is reporting that the Denver Broncos and Peyton Manning’s agent, Tom Condon, are working out the details on a deal that’s reportedly worth $95 million or so over the course of five seasons.

Schefter writes, “A contract between the two sides is expected to be a formality. Broncos vice president of football operations John Elway and Manning first discussed the parameters of a five-year, $95 million contract during their March 9 meeting in Denver, the first time the quarterback visited a team during his free agency.”

The teams who missed out on the Manning sweepstakes, like the Titans and 49ers, now have to go back and figure out what to do next. For San Fran, it’s simply a matter of plugging in the same quarterback in Alex Smith from last season who took them all the way to the NFC Championship game. For the Titans, they are also rather comfortable with Matt Hasselbeck and Jake Locker in house.

As for the Broncos, they will sort out the contract details and then likely trade Tim Tebow. It’s clear that while Manning lost out on a monster bonus with the Indianapolis Colts, he’s more than made up for it on the open market.

For more on Manning, Tebow and the Denver quarterback situation, check out the SB Nation storystream here.