Sandwiched in-between the news of Tom Brady announcing his departure from the Patriots and reports indicating he would be joining the Tampa Bay was the announcement that Drew Brees will be extending his stay in New Orleans – at least for one more season.
While we can’t wait to see these two gunslingers face off twice in 2020, first things first – let’s break down the details of Brees’ extension with the Saints.
Brees’ New Deal: Two years, $50 million
That figure is a little deceiving, as Brees’ deal features a base salary of just $2 million in 2020. That figure jumps to $25 million for 2021, should the 41-year-old elect to return for another season in New Orleans.
The deal also features a $23 million signing bonus – which will be paid out in prorated installments.
Per Spotract.com, Brees will count $23.65 million against the Saints’ salary cap in 2020, $36.15 in 2021, and $11.5 million in 2022 (though he’ll likely be retired at this point).
The Saints will also forfeit in $11.5 million in dead cap space in 2022 once the new deal expires.
Per CBS Sports: Dead money is a salary cap charge for a player that is no longer on a team’s roster. It exists because of how salary cap accounting rules operate. Signing bonuses, option bonuses and certain roster bonuses are prorated or spread out evenly over the life of a contract for a maximum of five years.
What This Means for the Saints
In short, the Saints get back their franchise QB for at least more year and an excellent price, when you consider Brees’ quality and the figures that some other (lesser) quarterbacks are getting around the league.
The Saints don’t have much cap space to work with in 2020, so the fact that Brees was willing to take a cheap deal to win one more ring in New Orleans speaks volumes to his love of the organization and the Who Dat nation. He easily could have left for a better deal, just as Tom Brady appears to have done with the rumored $30 million per-year deal he’s due to receive in Tampa Bay.
Instead, Brees is running it back for one last shot at another Super Bowl with the Saints.