Per a league source, Drew Brees and the Saints have agreed to a contract renegotiation that will reduce Brees’ salary cap charge by nearly $24 million and help the Saints navigate a very messy salary cap situation in 2021.
The move is something I suggested a few months ago when discussing the Saints as a way to keep Brees’ salary cap number low while he decides if he wants to return to play football or retire. Brees original contract had a $36.15 million salary cap charge if he was on the team and a $22.65 million cap charge if he retired.
By bringing his salary down to the minimum the Saints will be able to hold his salary cap charge at $12.225 million while Brees ultimately decides his own future. If he retires the Saints can then hold him on the roster until June 1 and then place him on the retired list on June 2nd, allowing them to split his $22.65 million in dead money across two years- $11.15 million in 2021 and $11.5 million in 2022.
The Saints are currently estimated to be about $78 million over the salary cap with plenty of cuts and restructures to go.
Jason is the founder of OTC and has been studying NFL contracts and the salary cap for over 15 years. Jason has co-authored two books about the NFL, Crunching Numbers and the Drafting Stage, which are widely circulated in the industry and hosts the OTC Podcast. Jason’s work has been featured in various publications including the Sporting News, Sports Illustrated, NFL Network and more. OTC is widely considered the leading authority on contract matters in the NFL.