View Photo Gallery: Manning has decided to open negotiations with the Denver Broncos, according to ESPN. He has been the Indianapolis Colts’ quarterback since they drafted him in 1998.

The Denver Broncos formally introduced Peyton Manning as their new quarterback Tuesday, shortly after completing a five-year $96 million deal for the superstart quarterback.

“I’m going to go out and try to make it the right decision,” Manning said at a news conference.

He was joined by Broncos owner Pat Bowlen and front office executive John Elway, the team’s Hall of Fame quarterback and two-time Super Bowl winner.

“This is sort of a historic meeting today,” Bowlen said. “We’re very fortunate to have two Hall of Fame quarterbacks in this room…. Our goal has always been to win Super Bowls, and Peyton gives us a chance to win another world championship.”

Manning and the Broncos completed a five-year contract worth approximately $96 million earlier Tuesday, according to a person with knowledge of the negotiations.

The deal was reached a day after Manning informed the Broncos and other teams Monday that he planned to play in Denver. Agent Tom Condon worked with Broncos officials to complete the contract, but the financial terms already were mostly in place.

Another person familiar with the deal said the structure of the contract protects the Broncos if Manning’s neck injury continues to be a problem.

“Really we didn’t try to sell him hard,” Elway said at Tuesday’s news conference. “We wanted him to feel comfortable here in a place where he wanted to come and work…. We’re thrilled that he’s elected to play for the Denver Broncos…. My goal is to make Peyton Manning the best quarterback that has ever played the game.”

Said Manning: “This is all new to me…. I’m glad all that part’s over with. I can get down to football now.”

The Tennessee Titans and San Francisco 49ers also were finalists to sign Manning, who became a free agent when he was released by the Indianapolis Colts earlier this month. The four-time league most valuable player missed all of last season after undergoing a series of neck surgeries. The Colts avoided paying him a $28 million roster bonus by releasing him.

Colts owner Jim Irsay said in a written statement issued Tuesday: “ I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos. We wish him nothing but the best as he continues his Hall of Fame career.”

The deal with Manning has the Broncos seeking to trade quarterback Tim Tebow, according to numerous reports.

More on Peyton Manning’s signing:

‘The Broncos were just a great fit’

Five reasons Tebow would work with the Redskins