Brock Osweiler is 3-0 as the Broncos’ starting quarterback, and the running game looks as good as it has all season, but he might still be looking over his shoulder. The Broncos’ decision to waive backup quarterback Christian Ponder has brought up speculation that Peyton Manning is almost ready to return to the field.

As of now, the Broncos’ only backup to Osweiler is Trevor Siemian, and it’s highly unlikely they are confident rolling with him should Osweiler go down. That can only mean that Manning, battling a torn plantar fascia, is nearing a point where he can get back on the field. When Manning is ready to return, it shouldn’t be dismissed that head coach Gary Kubiak might put him back in the starting role.

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Osweiler has won three games, but he’s been unspectacular statistically during his run. He’s thrown four touchdowns and two interceptions, piling up 250 or more yards twice, and completing 62 percent of his passes. Those numbers are better than anything Manning was doing this season, but they might not be enough to toss away a future Hall of Famer in the midst of a run for the AFC’s top seed in the playoffs.

Even Kubiak has not ruled out Manning returning as the starter.

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“Listen, like I told you guys before, we’re totally committed to getting our quarterback — getting Peyton healthy and getting him back. Nothing has changed,” Kubiak said last week before the Broncos played the Chargers. Switching back to Manning, even if he’s healthy, would be the riskier of the two plays.

Manning was intercepted at least once in all nine of his 2015 starts, and he had thrown four picks before being removed from Denver’s Week 10 loss to the Chiefs. He has nine touchdowns and 17 interceptions for the season, and logged four starts in which he failed to throw a touchdown pass.

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