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It’s official: Peyton Manning era in Denver is officially under way. The Denver Broncos introduced Manning as their new starting quarterback at a news conference Tuesday afternoon.

STORY: Tebow Who? Peyton Manning Becomes A Bronco! 

The two sides reached agreement on a five-year, $96 million contract on Tuesday, according to ESPN source and NFL Insider Adam Schefter.

According to ESPN:

A source told ESPN business analyst Andrew Brandt that Manning will be paid $18 million in 2012.

He will be paid $20 million in both the 2013 and ’14 seasons if he passes a team physical to be given 10 days before the start of the 2013 league year. There is an injury waiver included in the contract, however, covering Manning’s surgically repaired neck. If he re-injures the neck during the 2013 season, the Broncos will not have to pay his 2014 salary.

He is scheduled to make $19 million in both ’15 and ’16, but must pass a physical before each league year.

The Broncos now will attempt to trade quarterback Tim Tebow.

It’s a sad ending for Tim Tebow, but hopefully means a brighter future after he put Denver on his back, getting them to the playoffs and creating a worldwide craze with Tebow-mania.

SOURCE: ESPN