Peyton Manning is reportedly nearing an agreement to take a $4 million pay cut this coming season, ESPN.com reports.

Manning is reportedly nearing an agreement to take a $4 million pay cut this coming season, ESPN.com reports.

Analysis:

Per the expected agreement -- which will not become final until the veteran QB passes a physical exam -- Manning, who had been on track to earn $19 million, will now be in line to make a $15 million base salary in 2015. In addition to helping cement Manning's anticipated return this coming season, the deals frees up valuable financial resources for the Broncos in advance of NFL free agency.