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When we passed along the report from the Denver Post that Peyton Manning was seeking a five-year, $60 million contract, Florio noted that it seemed a little light.

That’s because it was.

Mike Klis of the Denver Post has now updated his report and said that what Manning is actually seeking is a contract like the one he signed last year with the Colts, which was for five years and $90 million, with a whopping $61.8 million in the first two years.

That’s a whole lot of money, but Klis writes that both the Broncos and Titans are fine with that contract, if that’s what it takes to land Manning. If the reports that the 49ers are the third finalist for Manning are true, presumably that means the 49ers are fine with that contract, too.

Some reports have suggested that Manning’s contract will be structured to protect the team that signs him in the event that his neck prevents him from playing in 2012, as it did in 2011. But if Manning is back in the NFL this year, as he expects to be, he also expects to be one of the league’s highest-paid players. And the teams that covet him are fine with that.