Indianapolis quarterback Peyton Manning has signed a new long-term contract, fulfilling the Colts\' \"top priority\" as the NFL season approaches. Colts owner Jim Irsay said Saturday he was \"thrilled\" to sign the only four-time Most Valuable Player in NFL history. Details of the contract were not released, but it has been reported to be worth $90 million over five years. \"Signing Peyton was a top priority for this organization and we are thrilled that the deal is complete,\" Irsay said in a statement released by the team. \"We feel that it is a salary cap friendly deal and it allows us more flexibility.\" Manning\'s new deal comes almost five months after the Colts used the \"franchise\" tag to prevent Manning from negotiating with any other teams as a free agent. Had Manning signed the one-year franchise player offer, he would have made $23.1 million this season. By taking a long-term deal, Manning gives the Colts more room to maneuver under the salary cap. While Manning is expected to report on schedule to training camp, coach Jim Caldwell said Friday he didn\'t expect him to practice right away as he continues to recover from neck surgery performed in May. The Colts said they will place Manning on the physically unable to perform list. He can\'t practice until he is taken off the list. \"There is every medical indication that he is progressing steadily, team neurosurgeon Hank Feuer said in a statement. \"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.\" Manning has been a model of durability in his 14-year NFL career, starting all 227 regular-season and playoff games.