March 7, 2016 12:51 PM EST

Peyton Manning was set to announce his retirement from the NFL on Monday about a month after leading his team to victory in Super Bowl 50.

The 39-year-old quarterback for the Denver Broncos will formally and publicly inform the world of his decision to end his career as a champion during a news conference scheduled by the Broncos, according to the Associated Press. Manning, who has won five MVP awards in his 18 seasons, will have to forgo $19 million and a 19th season in the NFL, the AP reports.

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