Peyton Manning will return to Broncos in 2015

Peyton Manning is returning to play a fourth season with the Broncos, 18th in the NFL, according to two NFL sources.

For the first time in Manning's career, he has agreed on a pay reduction. Two NFL sources confirmed a report by ESPN's Chris Mortensen, a longtime close associate of the quarterback, that Manning will take a pay cut from $19 million to $15 million in 2015.

Manning, who will turn 39 on March 24, is expected to be at Broncos headquarters Thursday to take his physical exam and sign his restructured contract.

The question must be asked: Was squabbling over $4 million worth irking the team's franchise player? Pay cut negotiations took three weeks. The Broncos had initially proposed a more severe cut, according to sources.

It couldn't have been easy for Manning to take after he led the Broncos to 13-3, 13-3 and 12-4 records the past three years. New England Patriots quarterback Tom Brady had taken a contract below his market value in the future years of 2015, 2016 and 2017, but he was also given an additional $3 million upfront to do it.

Manning's cut will push the Broncos' cap room to $19.5 million.

It's now up to Broncos' general manager John Elway to use that extra $4 million either on re-signing one of his own free agents - the most notable of whom are Julius Thomas, Terrance Knighton, Orlando Franklin and Rahim Moore — or addressing needs through another free agent player or two.