Multiple media outlets are reporting that will become one of the richest player in the . Manning and the have reportedly agreed on a six-year, $97.5 million contract extension. $35 million will be guaranteed.

The 28-year old quarterback was entering the final year of his rookie contract from 2004 and would have earned $9.4 million this season.

Instead, his new deal will give him an average salary of $15.3 million a year. The New York Times is reporting that it is possible Manning could earn as much as $16.25 million this season.

Manning’s new deal has also bested his brother ’s contract. Peyton’s deal now ranks behind his younger brother, , and .

Now, the multi-million dollar question everyone is asking: is he worth it?

There are plenty of reasons to support his value to the . Manning lead them to one of the greatest upsets in history by beating the then undefeated in XLII.

Manning, who earned his first trip to the pro-bowl in 2008, has lead the Giants to the post season every season since becoming the full-time starter in the 2005 season. He is also the first Giants quarterback to throw for 3,000 yards and at least 20 touchdowns for four straight seasons.

However, there is another side to this argument. Most would agree Manning is not a top-tier talent at the quarterback position.

He has always been near the top of the NFL in interceptions every year, throwing as high as 20 in 2007. Not to mention, Manning has averaged a completion percentage of only 55.9% in his five-year career.

But maybe that was all growing pains. Last season, he threw only 10 interceptions and had a completion percentage of 60.3%.

There is another question that will come about once Manning signs the dotted line: how will his deal affect future QB contracts?

A lot.

If young quarterbacks like , , or continue playing at a pro-bowl caliber pace, their teams will have to pay up with big extensions.

might have a bargaining chip with the when his deal is up in 2011. Brady, who was beaten by Manning in , is certainly better than Manning talent-wise and has two more rings.

Manning’s deal might be questioned by many, but in the eyes of Giants GM , Manning is one of the team’s leaders and is a valuable part of their offense.

Sure, is an important piece to their offense, and former Giants wide receiver hid a lot of his Manning’s ineptness, but there is no doubt he is key to the team’s success.

Time will tell if he ever lives up to his extension, but to the New York Giants, he is worth it. And, frankly, that’s all that matters.

(Sources: The New York Times, ESPN)

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