4:12 p.m.: Elway's goal is to find Tebow a place where he can be most successful, although he doesn't yet know what they plan on doing with him.
4:10 p.m.: Yes, John Elway is still holding court.
"Any time you have a guy like Peyton Manning on your team, you've got a chance to win, and players in the NFL know that.
"We believe [Manning] can play as long as he wants."
4 p.m.: Manning told Elway that it was a rough Monday morning only because he felt bad having to tell the other teams his decision.
3:55 p.m.: Elway: "The toughest thing about this whole thing is Tim Tebow and what I think of Tim Tebow… the toughest part of this business is the personal side."
3:53 p.m.: Elway told Peyton to take his time and that the Broncos had a plan. They wanted him to be comfortable in making his decision.
3:52 p.m.: Elway on the deal: "We want to do something that's very fair for both sides … there has a to be a happy medium for both sides.
"The basis of the contract and what Peyton wanted … putting that contract together was easy… he understood the risk the Broncos were taking… Peyton was very good with the whole thing and that process was rather seamless."
3:50 p.m.: Elway is back at the mic now, discussing the workouts and discussions with the doctors and trainers.
"We really felt that he'd be ready to go … I don't consider him much of a risk."
3:49 p.m.: "This process was hard and difficult but I tried to embrace it.
"I was waiting for that gut feeling and I was glad when it hit me."
3:47 p.m.: Manning got into detail about his workouts and explained that he was wide open and was willing to do and show whatever it took.
3:46 p.m.: "This is a now situation and we're doing everything we can do to win now."
3:45 p.m.: On last year and how hard it was not playing: "It was hard seeing our team not winning games."
3:43 p.m.: On being able to play this Sunday? "I don't know if I would play as well as I would like, but I could play."
"It's March and I have a hard time reminding myself of that"
3:40 p.m.: "I know what kind of challenge I'm in for. In some ways I feel my body is going to be rested."
3:38 p.m.: On the draft: "Sure, I love when they draft offensive players, I'm not going to lie about that, but it's what's best for the team."
3:36 p.m.: "I know what kind of player Tim Tebow is and what kind of person he is. If Tim Tebow is here next year than im going to be the best teammate I can be."
"I'm looking forward to getting to know all Broncos teammates … Champ Bailey has been blowing up my phone for the last week and a half."
3:35 p.m.: "It's hard to give a timetable or prediction… I want to be out there every single snap and every single play.
"The doctors and the trainers feel very encouraged about the progress that I've made."
3:32 p.m.: "There's no question I have work to do and I've been open about my medical history and I let them tell me … working out for three teams and going through my entire medical history … I had to let them tell me that this is something they had to do… I'm not where I want to be, I want to be where I was before I got injured."
3:30 p.m.: Manning: "It's certainly very different — there's no question about it. This is all new to me. The Colts are the only team I've known."
Manning commented on the process he went through and even said he hated putting the other teams through it.
3:29 p.m.: Manning: "There wasn't really one deciding factor.
"It's up to me and the people here around me to make this the right decision. It will be debated for months to come as to whether it was the right decision or not.
"I can tell that Denver was committed to winning and I'm glad they wanted me to be a part of it."
3:26 p.m.: Manning is "humbled" and "honored" to be able to wear the retired No. 18, which was Frank Tripucka's.
3:25 p.m.: Here's Manning.
"I can tell this organization is committed to winning. They do have incredible fans who love this team.
"I thought the Broncos were just a great fit."
3:23 p.m.: Elway: "We're thrilled that he's elected to play for the Broncos, we think it's a great situation.
"My goal is the make Peyton Manning het best quarterback to ever play the game."
3:21 p.m.: Elway on the mic now — looks like he could still play, to be honest.
Anyways, Elway admits that "we're also fortunate to work for a guy like Pat Bowlen.
"Without the commitment from Mr Bowlen we wouldn't have Peyton here today."
3:20 p.m.: Pat Bowlen at the podium first and he's pretty emotional … or just really nervous that he dropped close to a $100 million on some guy fresh off of a handful of neck surgeries.
3:11 p.m.: According to Bovada, the Broncos are now 6-1 odds to with the AFC title.
And those with a lot of faith in Manning bouncing back this year, if he's named 2012 MVP, that wager is a yes-only prop at plus-700.
12:46 p.m. ET: So long, Tebow-mania, Denver is now home to Manning-Mania, and will be for the next five years.
The Broncos are set to announce the signing of Peyton Manning at 3 p.m. ET on Tuesday afternoon. The Associated Press reported earlier on Tuesday that the deal was for five years, $96 million.
Manning was picked first overall in the 1998 draft by the Colts and spent his entire 14-year career in Indianapolis. Manning has 54,828 yards and 399 touchdowns in 208 career regular-season games.