As of now, Brees is scheduled to make $20 million in salary and bonuses for the 2016 season, which includes a staggering cap figure of $30 million.
Mike Triplett of ESPN suggested a few weeks ago that signing Breees to a three-year extension that would pay him $20 million per year could make sense in this situation.
The Saints have options in regards to how they want to structure the deal. They could drop his cap figure to as low as $16 million or go with even cap figures of $22.5 million against their cap over the remainder of the new extension.
New Orleans could give him a huge signing bonus upfront to impact his future cap figures down the road.
Brees told reporters a few weeks ago that he would “absolutely” be open to signing a contract extension that would offer New Orleans a more reasonable cap figure in 2016, so it seems like this could get done before the start of free agency.
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 Focushas 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.