METAIRIE, La. In the latest sign that Drew Brees is preparing to retire after 20 seasons, the New Orleans Saints quarterback has agreed to reduce his 2021 salary from $ 25 million to the veterans of $ 1,075 million, a source told ESPN confirmed on Friday.
The move will free up nearly $ 24 million in salary caps for a Saints team that is expected to start the off-season close to $ 100 million over the hood.
The deal was first reported by Over The Cap.
Brees, 42, has not yet announced whether he is officially planning to retire. But the move has been widely expected for months. Saints coach Sean Payton said on Wednesday he expects an announcement on Brees’ future plans within a week or two.
Brees and the Saints would then wait until after June 1 to officially submit their retirement papers so that they could spread its remaining salary costs over the next two years. Brees would count $ 36.15 million against the limit this season, with another $ 11.5 million “dead money” draw counting against the 2022 salary cap of previous signing bonuses.
Now, until June 1, he will only count $ 12,255 million against the capital – which will be reduced to $ 11.15 million after he officially retires. He will still add $ 11.5 million to next year’s amount for a total of $ 22.65 million in dead money.
If Brees retires, he will be the NFL’s leading career leader (80,358), finishing second in passes (571) and completion percentage (67.7%).