Saints Sign Drew Brees To 1-Year Extension, Pays Him $44.25M Fully Gtd Over Next 2 Years

Update:

Ed Werder reports that the Saints are expected to sign QB Drew Brees to a five-year extension that automatically voids to a two-year deal.

• Werder says that Brees will receive $44.25 million fully guaranteed over the first two years of the contract.
• The agreement also reduces Brees’ 2016 cap figure from $30 million down to $17.25 million, according Werder, which means the Saints will pick up $12.75 million of cap space with this new deal.
• Adam Schefter adds that Brees will make a $20 million salary in 2016 and another $24.25 million in 2017.
• According to Pro Football Talk, Brees receives a no trade clause and a no franchise clause as part of the deal.

“Both sides are very happy and certainly I’m very happy,” said Brees. “I want to play my entire career here.”

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ESPN’s Ed Werder reports that the Saints and QB Drew Brees are expected to reach agreement on a short-term contract extension by the end of day.

• Werder expects Brees’ extension to be for two years of guaranteed salaries, and likely to include no-trade clause.

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Mike Florio of Pro Football Talk is reporting that an agreement between the Saints and QB Drew Brees on a contract extension is “all but done.”

Last night, PFT reported that the two sides were close to an agreement and Mike Garafolo added that a deal could be in place as soon as today.

Garafolo mentioned that it sounds like Brees wanted to get this deal done now, and avoid a situation where the Saints could be faced with a $43 million franchise tag or allow him to test the open market next year.

Brees, 37, has one year remaining on his five-year, $100 million contract that included $40 million guaranteed. He stands to make a base salary of $19.75 million of in 2016, while $10.85 million of that salary was guaranteed as of last Wednesday.

In 2015, Brees has thrown for 4,870 yards while completing 68.3 percent of his passes to go along with 32 touchdowns and 11 interceptions over the course of 15 games. Pro Football Focus has him rated as the No. 6 quarterback out of 37 qualifying players.

We’ll have more regarding a contract extension for Brees as the news is available.