Drew Brees has agreed to a five-year, $100 million contract with the Saints, with $60 million guaranteed, said a person familiar with the deal.
Brees and the team reached agreement Friday, the person told The Associated Press on condition of anonymity because the contract has not been publically announced. Brees had been tagged as the Saints’ exclusive franchise player and could not negotiate with other teams.
Had a deal not been reached, the tender for a quarterback was worth $16.3 million. Brees would have had to play for that amount or hold out without a contract.
Brees skipped the Saints’ offseason practices while holding out for a new long-term contract that now makes him the highest-paid player in NFL history.
New Orleans had designated Brees, 33, its franchise player in March after the club was unable to reach a new long-term extension with the record-setting quarterback before his previous six-year, $60 million contract expired.
Brees however, was steadfast in not wanting to play for a one-year deal.
During the past six seasons, Brees has not only led the Saints to their only Super Bowl title, but has completed more passes (2,488) for more yards (28,394) and more touchdowns (201) than any other quarterback in the NFL. His 67.8 percent completion rate spanning the past six seasons also tops the league.
In 2011, Brees set NFL single-season records with 468 completions, 5,476 yards passing and a completion percentage of 71.2. His prolific passing numbers helped the Saints set a new NFL high for total offensive yards in a season with 7,474.