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Peyton and Champ realize they have a chance at multiple Lombardis and each take a pay cut to retain all the guys we need.
Its called the Elwayway.
Elway never took a paycut. He restructured his contract to make more space but he always got the money owed to him. Manning might restructure and accept some of his pay after he has already retired but don't look for him to do a Tom Brady and just sign at a lower price.
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