Peyton Manning: What Scandal? ... I'm In Mexico, Baby!

Seems Peyton Manning traded Budweisers for Coronas this week ... 'cause the Super Bowl champ just turned up in Mexico.

Witnesses south of the border say Manning's on a family vacation in Cabo ... he was strolling around his resort in sunglasses and a pair of bright green turtle shorts.

Meanwhile, Manning's all over the news in the U.S. after allegations from his past resurfaced ... allegations he sexually assaulted a female trainer at the University of Tennessee in 1996.

In the past, Manning has denied assaulting the woman -- but the incident was mentioned in a new lawsuit filed by a group of women who claim UTl has a history of a "hostile sexual environment."