The only four-time MVP in the history of the NFL, Peyton Manning has been signed by the Indianapolis Colts to a five-year, $90 million contract.

Colts owner Jim Irsay said, “Signing Peyton was a top priority for this organization and we are thrilled that the deal is complete. We feel that it is a salary cap friendly deal and it allows us more flexibility.”

Colts training camp started Sunday, but due to a recent neck surgery, Manning will not practice yet. “There is every medical indication that he is progressing steadily,” said team neurosurgeon Dr. Hank Feuer. “While he looks fine, he still has some rehabilitation to go. Recovery from disc surgery is unpredictable and it is not a medical concern that he is not ready at this time.”

The team does expect Manning will be able to play in the regular-season opener against Houston.

In his career, Manning has completed 64.9 percent of his passes and has thrown for 399 touchdowns, leading the Colts to one Super Bowl victory in two appearances.

[Sports Illustrated]