Brees, Saints Agree to Contract Extension

By ESPN

Drew Brees and the New Orleans Saints waited until the 11th hour. But they finally agreed to a contract extension Wednesday, according to league sources -- four days before the quarterback's self-imposed Week 1 deadline.

The extension will be announced as a five-year deal but contains an automatic void at two years, sources told ESPN's Ed Werder. That means Brees is contractually committed to the Saints for only the 2016 and 2017 seasons. His $20 million salary this season and $24.25 million for next season -- a total of $44.25 million -- is fully guaranteed, the sources said.

The deal also includes a no-trade clause and forbids the Saints from using their franchise tag on the quarterback. In essence, the Saints get Brees under contract for one additional season, but by spreading the contract over five years, they significantly reduce Brees' $30 million cap hit for 2016, which was the highest for any player in NFL history.

The extension reduces Brees' cap number from an NFL-record $30 million to $17.25 million for 2016, sources told Werder.

Brees said Wednesday he is "humbled and honored" to continue his journey with Saints. He said both sides are very happy with the contract's structure and wants to finish his career in New Orleans.

"I'll be here as long as they'll have me," he said.

Thursday, September 8 Schedule (Time Central)

Carolina at Denver, 7:30 p.m.

Sunday, September 11 Schedule (All Times Central)

Green Bay at Jacksonville, noon

Buffalo at Baltimore, noon

Chicago at Houston, noon

Cleveland at Philadelphia, noon

Tampa Bay at Atlanta, noon

Minnesota at Tennessee, noon

Cincinnati at New York Jets, noon

Oakland at New Orleans, noon

San Diego at Kansas City, noon

Miami at Seattle, 3:05 p.m.

Detroit at Indianapolis, 3:25 p.m.

New York Giants at Dallas, 3:25 p.m.

New England at Arizona, 7:30 p.m.