Finally, QB Drew Brees and the New Orleans Saints struck a deal. Here is the official report from NFL.com.
Drew Brees and the New Orleans Saints agreed on a five-year, $100 million contract, NFL Network's Michael Lombardi reported Friday.
Brees' contract is worth $40 million in the first year and includes $60 million in guaranteed money, a source with direct knowledge of the situation told Lombardi and NFL.com's Albert Breer.
The quarterback's new deal is worth an average of $20 million per year, making it the richest in the NFL based on average annual salary, and includes a $37 million signing bonus. With the bonuses counting against the cap on a pro-rated basis over the life of the contract -- $7.4 million per year in Brees' case -- he will only count $10.4 million against the cap in 2012.
Greg Bensel, the Saints vice president of communications, confirmed the deal later Friday
This is obviously a deal that had to get done for the long-term future of the squad. Brees, 33, certainly has several good seasons left in him, and the Saints want to return to the summit of the NFL. This is how they start getting there, by locking up their big-time QB.