The Denver Broncos have won the Peyton Manning sweepstakes. According to ESPN's Adam Schefter and Chris Mortensen, Manning has chosen to play for the Broncos, and barring something unforeseen happening, he will sign with them.
Schefter and Mortensen are also reporting that Tim Tebow will be traded, meaning the NFL world is going to go from non-stop coverage of Manning back to non-stop coverage of Tebow. I think it's a good bet that the Jacksonville Jaguars or Miami Dolphins will acquire Tebow, not necessarily because he will be a significant upgrade at quarterback, but because he will sell tickets and merchandise.
What effect does all of this have on the Detroit Lions They won't have to face Manning during the 2012 regular season. Both the San Francisco 49ers and Tennessee Titans are on the Lions' 2012 schedule and were in the mix for Manning. With him choosing Denver, the Lions no longer have to worry about facing a Manning-led 49ers or Titans team.
The indirect effect is that they could get another shot at Tebow. The Jaguars are on the schedule as well, and if he lands there the defense could get another chance to play him. If that happens, let's hope the game goes as well as it did when the Lions faced Tebow in 2011.