Peyton's Price: $10 million per year from FOX or ESPN

Both networks are so hungry for Manning to call their respective "Monday Night Football" and "Thursday Night Football" games that they're willing to pay him up to $10 million annually.

Manning finds himself at a golden moment where the NFL's TV partners need the ex-Broncos/Colts quarterback more than he needs them. The superlative performance of rookie CBS analyst Tony Romo has encouraged CBS' competitors to swing for the fences on big talent hires, said a source. 

"Peyton Manning is Tony Romo with a Super Bowl ring," said the source. "This is a battle for the Midwest. He's super-popular in the Midwest. He's got this 'Aw Shucks,' thing down pat. The Mannings are the first family of football."

If the money is equal, FOX arguably would provide the better opportunity, with a bigger audience and a schedule that would allow Manning to spend weekends at home. He also could, in theory, join the Joe Buck/Troy Aikman team for postseason games or the Super Bowl.