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.