The deal through the 2019 season reportedly includes $65 million in guaranteed money, a $31 million signing bonus and a no-trade clause.
Manning's $21 million average in new money is behind Wilson ($21.9 million) and just ahead of Rivers (20.8 million). Manning now is ranked fourth in the league -- also behind Pittsburgh Steelers' Ben Roethlisberger ($21.85 million) and Green Bay Packers' Aaron Rodgers ($22 million) -- as the NFL's highest-paid quarterbacks.
Manning, 34, was entering the final year of his second NFL contract. Without a new contract, his franchise tag number next season would have been about $24 million.
Manning completed a career-best 63.1 percent of his passes for 4,410 yards, 30 touchdowns and 14 interceptions in 2014.
The Giants open their season Sunday night in Dallas against the Dallas Cowboys.