Peyton Manning's paycut gives Broncos options

Lindsay H. Jones | USA TODAY Sports

Show Caption Hide Caption What's next for Broncos with Peyton Manning in place? USA TODAY Sports' Lindsay H. Jones has the latest on Peyton Manning's pay cut by the Denver Broncos.

Peyton Manning will remain the highest-paid Denver Bronco in 2015. But he's agreed to a $4 million pay cut that could help his boss, general manager John Elway, become a bigger player in free agency.

With the five-time MVP's status for next season finally clarified, Elway can now focus on re-signing or adding players to join Manning in 2015. If there was any takeaway from the way the 2014 campaign ended for the Broncos, with Manning hobbled by a quadriceps injury, it's that Denver better find alternatives to leaning on their aging quarterback and build a better team around him. That's exactly how Elway won late in his own career, and it was the pitch he made to Manning when the two met at the team's headquarters last month.

"It's a lot more dependent on balance, so therefore Peyton is hopefully not going to have to throw the ball 50 or 55 times. I think for an older quarterback it's a perfect system to be in," Elway said recently, referencing the playbook favored by new coach Gary Kubiak. "It's really a great system for any quarterback but I think it's even more helpful the older you get."

Still, change has never been easy for Manning, and this has been an offseason full of it. He'll return to a team that will look markedly different from the one he last played with in January. He'll be asked to adapt to that new offense, though Kubiak and new offensive coordinator Rich Dennison will likely retain a lot of the previous playbook's terminology. But Manning will also have to establish rhythm inside a huddle sure to contain a few new faces.

The Broncos are preparing to find up to three new starters on the offensive line — at center, left guard and right tackle — and could have an entirely new fleet of tight ends, with Julius Thomas, Virgil Green and Jacob Tamme all preparing to hit free agency.

Manning knows receivers Demaryius Thomas — assuming the rest of the league is deterred by his franchise tag — and Emmanuel Sanders will be back, but slot receiver Wes Welker likely won't be.

Will the $4 million in savings from Manning's base salary be enough to keep Julius Thomas, with whom Manning has connected for 24 touchdowns in the past two years? Or defensive tackle Terrance Knighton, who was one of Manning's fellow team captains last season?

It's not that simple, and it would be foolish to assume the Broncos will just move the money from Manning's contract directly into the wallet of one of the team's free agents.

Though the Broncos do now have more flexibility heading into next week, Elway will want his players to test their value first on the open market. The Broncos could conceivably now make a slightly sweeter offer, but they won't be the one setting the market price.

But having Manning secured for 2015 will make Denver a more attractive landing spot should Julius Thomas or Knighton or other free agents find Elway's offers near their financial sweet spot. With Manning — even a 39-year-old Manning who is finally showing his age — the Broncos will remain the favorites to win the AFC West, and Elway can proceed this offseason operating from that premise.

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Follow Lindsay H. Jones on Twitter @bylindsayhjones