Drew Brees and the New Orleans Saints have struck a deal.
The quarterback announced Wednesday that he has agreed to a contract extension with the Saints four days before New Orleans’ season opener against the Oakland Raiders.
Sources told ESPN’s Ed Werder the extension will be announced as a five-year deal, but it automatically voids to two years, meaning Brees is contractually committed to the Saints for this season and next season at a total of $44.25 million total guaranteed. Brees reportedly will earn a $20 million salary this season and a $24.25 million salary for the 2017 NFL campaign.
Brees was entering the final year of his previous contract at a $30 million salary cap hit. Now, the Saints have Brees for one more season while also reducing the cap hit by virtue of spreading the contract over five years.
“I’m humbled and honored, and have been since the day I first set foot here as a New Orleans Saint,” Brees told reporters Wednesday after announcing he had agreed to a new deal. “It’s been an incredible journey and I hope to continue that journey for quite a bit longer.
“Both sides are very happy, certainly I’m very happy. I want to play my entire career here. … This allows me to be here for a bit longer and I’ll be here as long as they’ll have me.”
According to ESPN, Brees’ new contract also includes a no-trade clause and forbids the Saints from using their franchise tag on the 37-year-old quarterback once his deal is up.
Brees had set a Week 1 deadline for the sides to agree to a new contract, as he didn’t want negotiations to potentially cause a distraction during the season.
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