Multiple reports on Friday evening shared that Drew Brees and the New Orleans Saints agreed to a renegotiated contract to create nearly $24 million in spending room against the 2021 salary cap, though the exact mechanism the Saints used to pull this off hasn’t yet been made official. Over The Cap’s Jason Fitzgerald first reported the news, which was confirmed by NewOrleans.Football’s Nick Underhill and NFL Network’s Tom Pelissero.
The most likely scenario is Brees taking a pay cut to the veteran’s minimum salary of about $1.075 million, creating $23.925 million in savings.