Colts’ Manning agrees to restructure contract

INDIANAPOLIS – Peyton Manning has agreed to restructure his contract with the Indianapolis Colts to save the team nearly $8 million in salary cap space.\nThe Super Bowl MVP was to receive a $10 million roster bonus during the offseason but by converting the money into a regular signing bonus, the Colts can incorprorate that amount over the remaining four years of his deal. That saves Indianapolis space under the cap, which is $109 million.\nThe Colts also will restructure defensive end Robert Mathis’ contract, saving the team another $3 million against the cap, Mathis’ agent said.\nManning’s restructuring was disclosed to The Associated Press on Wednesday by a person familiar with the negotiations who spoke on condition of anonymity because the deal had not yet been signed.\n“That’s just a normal part of doing business,” team president Bill Polian said as he left the competition committee meeting on the eve of this week’s annual NFL scouting combine.\nManning signed a $98 million contract in March 2004, the season after he shared the league’s MVP award with Steve McNair.\nHe followed that with a record-setting 2004 season in which he threw 49 touchdown passes and earned his second straight league MVP award.\nIn 2005, Manning guided the Colts to a 13-0 record and the AFC’s No. 1 seed before losing in the divisional round of the playoffs to eventual Super Bowl champion Pittsburgh.\nBut this season, Manning showed more patience in throwing short and relying on his ground game, using that combination to bring the Colts their first Super Bowl title since moving to Indianapolis in 1984.\nManning has led the Colts to seven playoff appearances in nine seasons, including five straight under coach Tony Dungy, and after breaking John Unitas’ franchise record for completions last season is closing in on Unitas’ other career records for passing attempts, yardage and touchdowns.\nMathis’ agent Hadley Engelhard said the Colts had exercised an option to convert a $3.9 million roster bonus into a signing bonus that will be spread over five years, saving the team about $3 million against the cap this year. Mathis last year signed a five-year contract worth $30 million that included a $8.3 million signing bonus.\nEngelhard said he and Mathis, who led the team in sacks with 9.5 last season, knew the Colts were likely to restructure when they agreed to the contract.