Peyton Manning, Class of 1994, was honored five nights ago with the Isidore Newman School’s distinguished alumni award.

Which beseeches the question: What took so long?

The answer is: The private school in New Orleans has a plethora of illustrious graduates — the president of the Aspen Institute, the author of “Moneyball,” a former U.S. ambassador to Brunei, actors, politicians, educators, a botanist, a two-time Super Bowl MVP (Eli Manning) and Odell Beckham Jr., among others.

Which implores this inquiry among the Broncos’ sweaty-palmed hangers-on: What’s taking so long with this Peyton Predicament?

The answer is: It’s complicated, and never promised to be a swift process. The deal will be done this week.

After super agent Tom Condon and the Broncos finalize details of a restructured contract, and Peyton takes his “official” physical, the news will be official that Manning is returning. All will be right in Denver’s world.

The misanthropists who are curious to watch Brock Osweiler lead the Broncos to a 7-9 record and a third-place finish in the AFC West can turn their concentration to Pot Roasting.

It is well to remember that John Elway, the very important person in charge of the Broncos, stated that Manning had until March 9 to let the franchise know The Decision. In recent meetings with Elway and team president Joe Ellis, Manning said he was physically and mentally prepared to play again at a high level.

Manning wants to play for the Broncos. Elway has insisted consistently “we want him back,” and coach Gary Kubiak has maintained, “No doubt, I want him (back).”

Are these three unmitigated liars? No.

Of the many ludicrous rumors that have circulated lately, the most laughable argument was that Manning — who has earned more salary than any other player in NFL history ($229 million) — is greedy and won’t allow a reworking of his contract. Twice in Indianapolis, he agreed to reorganize his income so the Colts could gain salary cap relief.

When Manning hit the open market in 2012, Condon envisioned a $25 million-a-year agreement, and the Tennessee Titans did offer that amount, according to the agent when he spoke at an MMQB.com symposium last year. However, after Manning chose the Broncos, he asked Condon how much Tom Brady received annually ($18 million at the time) and said, “Then, I don’t want a penny more than that.” However, Condon negotiated a five-year contract for $19.4 million per season, and Manning was quite upset.

Manning always considered his contract with the Broncos to be for one season, not five. He requested a clause in the contract that stated if he didn’t pass the physical before the next season, the Broncos could void the contract. He never cared to overstay his welcome, or make more than every other quarterback. For instance, the salary cap number of Drew Brees — who is considered “the other Manning brother” by the family, and also is a Condon client — is more than Peyton’s.

Elway used to be the highest-paid player in the NFL, at $5 mil per. On April 11, 1997, he restructured his contract to allow the Broncos to sign free-agent defensive end Neil Smith. The Broncos won the Super Bowl. (In 2004, the Broncos were fined almost $1 million and lost a third-round draft choice because of undisclosed circumventions of the salary cap from 1996-98, involving Elway, Terrell Davis and other players.)

Restructuring a contract is not simple. The Broncos could switch millions of Manning’s contract into an up-front bonus, or Manning could accept the NFL minimum and be given a $20 million bonus if the Broncos win the Super Bowl. The Broncos could sign Manning to a longer-term contract or spread some of Manning’s money into next season (when he might not play). Or Peyton, unlike Brady, could take an overall salary cut.

Manning detractors are naive. Why shouldn’t Ryan Clady, DeMarcus Ware, Wes Welker, Britton Colquitt, Demaryius and Julius Thomas — Jacksonville or Oakland? Really? — take less money to get another chance to play with Manning, and possibly in the Super Bowl?

Like Elway before him, Isidore Newman’s Own is a bargain, at any price.

Woody Paige: woody@woodypaige.com or twitter.com/woodypaige