Update: Adam Schefter reports that Manning's contract is for $96 million over five years. It makes him the highest-paid player in the NFL based on average salary.

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The sweepstakes are over. The biggest free agent of this offseason and maybe in the history of the NFL has made his decision. Some Is and Ts have to be dotted and crossed, but Peyton Manning will be the Denver Broncos' starting quarterback this fall. Multiple sources have told ESPN's Chris Mortensen and Adam Schefter that Manning has told his agent, Tom Condon, to complete negotiations with the Broncos. No terms are final yet, but it's expected that Manning will receive something around five years for about $95 million. The completion of a contract is expected to be a formality. As a result, sources have also told ESPN's duo that the Broncos will now try to trade fan-favorite Tim Tebow .

Fantasy Analysis:

The Titans and the 49ers are left disappointed and forced to move on. There will be plenty of teams -- Miami! -- lining up for Tebow. Denver must trade him or that place will be a circus all season long. Manning will join a Broncos team with a very good offensive line and a couple of talented, young WRs in Demaryius Thomas and Eric Decker . Their respective fantasy values certainly go up with this news. Moving from the passing ability of Tebow to Peyton Manning is about as extreme as it gets on that spectrum. For Manning, his own health will pretty much decide where he slots among other QBs. If he shows the same zip and accuracy that he always has during camp, I think he sits just outside the top five of fantasy quarterbacks -- Rodgers, Brees, Brady, Stafford and Newton. The Broncos' don't have a surplus of quality receivers, and they have a bunch of unproven tight ends, but a player like Manning can make those guys better.