Yahoo Finance Drew Brees restructures contract to save Saints $24 million
Drew Brees wants to give the New Orleans Saints one more win before he calls it a career. Brees reportedly agreed to restructure the final year of his contract with the team, a move that will save the Saints $24 million, according to Jason Fitzgerald of Over The Cap.
Prior to the 2020 season, Brees signed a two-year, $50 million deal with the Saints. Under that contract, Brees was set to make $25 million each season. With Brees considering retirement, he reportedly decided to restructure his 2021 salary to a little over $1 million.
The move is another indication Brees is ready to walk away from football. Under his previous deal, Brees would have counted as a $36 million cap hit against the team. By drastically reducing his salary, Brees’ salary-cap hit could work out to about $12 million now.
As currently constructed, Brees’ cap hit is actually $22 million. If Brees remains on the Saints’ active roster until June 2, the team can place him on the retired list and split that figure.
It’s a generous gesture from Brees, though it won’t completely save the Saints from cap issues. The team is projected to be about $78 million over the cap even after Brees’ restructure, according to Over The Cap.
The Saints will have to come up with some more creative solutions to get that situation under control.
Drew Brees retirement talk
While Brees hasn’t officially retired yet, some believe it’s coming. Prior to the team’s playoff game against the Chicago Bears, it was reported that Brees would retire once the Saints’ run ended. After the team defeated the Bears, the Saints lost to the Tampa Bay Buccaneers the following week. Brees has stayed mum on his plans since that loss.
If this is it, Brees won’t completely leave football behind. Brees reportedly has a deal to join NBC as a commentator. There are even reports he could succeed Cris Collinsworth in the “Sunday Night Football” booth.
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