Report: Saints Renegotiate Drew Brees’ Contract, Create Close To $24M Of Cap Room

According to Jason Fitzgerald of Over The Cap, the New Orleans Saints’ have renegotiated the contract of QB Drew Brees in turn freed up nearly $24 million of cap space for the 2021 season.

Nick Underhill mentions that this move allows the Saints to create cap space while waiting until June 2nd to place Brees on the reserve/retired list. It also means the team can split his prorated bonuses in 2021 and 2022, instead of taking a $22 million cap hit for 2021.

The Saints have a lot of work to do this offseason just to get cap compliant and this was one of the expected moves for New Orleans, even though Brees is likely to retire in the coming weeks. 

Brees has a contract to join NBC as a studio analyst and to work Notre Dame games.  

The Saints have Taysom Hill signed for the next few years and they could still look to re-sign Jameis Winston this offseason. 

Brees, 41, is a former second-round pick of the Chargers back in 2001. After five years with the Chargers, Brees signed on with the Saints as a free agent in 2006.

Brees has spent the past 12 seasons in New Orleans. He agreed to a new two-year, $50 million contract with the Saints this past March. 

In 2020, Brees appeared in 12 games for the Saints and completed 70.5 percent of his passes for 2,942 yards, 24 touchdowns, and six interceptions. He also rushed for two touchdowns. 

We’ll have more on Brees and the Saints as the news is available.