Fooch's update: Broncos confirm it -
Thank you, Peyton, and congratulations on your magnificent 18-year NFL career! https://t.co/YdMt19tQ2i pic.twitter.com/jYDXpMmlUA— Denver Broncos (@Broncos) March 6, 2016
It appears to be the end of one heck of an era. Denver Broncos quarterback Peyton Manning is planning on announcing his retirement Monday, according to ESPN's Chris Mortensen. There had been some talk Manning might want to continue his career, but this seemingly squashes that notion.
The Broncos were expected to release Manning if he did not choose to retire. His $19 million salary for 2016 would become fully guaranteed with the start of the league year on March 9. His retirement (or release, had that been the case) clears $19 million in cap space for the Broncos. They will carry a $2.5 million dead money hit due to his previous deal's signing bonus.
The Broncos are currently $5.6 million over the cap, so his retirement will put them approximately $13.4 million under the cap. They will need every penny of that as they look to lock up Brock Osweiler, and potentially defensive end Malik Jackson. That cap space already reflects Von Miller's franchise tag figure.
There has been speculation the Broncos have offered Osweiler a deal in excess of $15 million per year over three years. The first year cap hit would likely be less than that. The Broncos will look to clear more room, but they likely have enough to at least get the Osweiler deal done.