View Photo Gallery: Peyton Manning (center) and his new best friends — John Elway (left) and Denver Broncos Coach John Fox — last week.

Filed at 10:53 a.m., updated at 11:12 a.m. with deal finalized and at 11:53 a.m. with Jim Irsay statement

Once Peyton Manning made up his mind, he quickly got down to negotiations.

Tom Condon, Manning’s agent, and the Denver Broncos worked late Monday night and reached agreement on a five-year deal worth $96 million, according to ESPN’s Adam Schefter. It remains to be seen, however, just how much of that is guaranteed, given that Manning missed all of the 2011 season after having multiple neck surgeries. The team will hold a press conference at 3 p.m. EDT today in Denver.

“I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos,” Jim Irsay, the Indianapolis Colts’ owner who put the Manning sweepstakes in motion by releasing the quarterback March 7, said in a statement today. “We wish him nothing but the best as he continues his Hall of Fame career.”

The Broncos knew it was going to take around $90 million to land Manning, so it isn’t terribly surprising that this moved quickly. Meanwhile, the team also is fielding trade inquiries about Tim Tebow, who led the team to the playoffs last season.

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