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Details on the new contract extension agreed to between Drew Brees and the New Orleans Saints are beginning to emerge, with ESPN’s Field Yates first reporting that the two-year, $50 million deal with Brees features a base salary of just $2 million in 2020. But as usual, it’s a little more complicated than that.
The new Brees deal also features a 2021 base salary of $25 million, and a roster bonus of $23 million (which will be paid out in prorated installments as a signing bonus). Automatically voided years in 2022 and 2023 were also added, which will spread that roster bonus out into annual salary cap hits of $5.75 million (in addition to other charges).
Brees was already due to count for $15.9 million against the 2020 salary cap, with a $5.4 million cap hit in 2021. The Saints have essentially lumped those payments into the new deal, which will leave behind $11.5 million in dead money once the contract expires in 2022. That’s a lot of math. Are you still with us?
So, here’s what really matters: per Spotrac, Brees has cap hits of $23.65 million (in 2020), $36.15 million (in 2021), and $11.5 million (in 2022, after he’s presumably retired). Brees will still be paid $25 million per year in each of the next two seasons, and leave behind a modest salary cap penalty once he’s finished playing. However, it’s worth noting that he will count a whopping $47.65 million against the salary cap if he does retire after the 2020 season. So root for him to see this deal through its expiration.
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