Jim Irsay and Peyton Manning held a press conference on Mar.7 to announce that the quarterback wouldn't play for the Colts in 2012.
Jim Irsay and Peyton Manning held a press conference on Mar.7 to announce that the quarterback wouldn't play for the Colts in 2012. Reuters

Peyton Manning to the Broncos will become official at 3 p.m. ET Tuesday afternoon.

Denver will announce its decision to sign Manning to a five-year contract worth $96 million, according to ESPN. You can watch the live stream of the press conference online at indystar.com.

ESPN will broadcast the event live on television.

The four-time MVP will join the Broncos after spending his entire 14-year career with the Colts. Manning made the decision to sign with Denver after also working out for Tennessee and San Francisco last week.

The future of Tim Tebow will almost certainly be discussed at the press conference. Reports say Tebow will be traded as a result of the signing.

The announcement comes two weeks after the quarterback was released by the Colts. Indianapolis owner Jim Irsay released a statement, in regards to today's news.

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 Colts avoided paying Manning a $28 million bonus by cutting him when they did.

Tennessee Tennessee ESPN+ National Football League