Drew Brees and the New Orleans Saints have reached an agreement on a five-year, $100 million contract that includes a first-year take in 2012 of $40 million, according to league, players union, and team sources.
For all practical purposes, the guaranteed money is considered by all parties involved to be an NFL-record $60 million, though there are contractual, but unlikely, outs for the Saints before he would receive all of that sum.
The accord was struck Friday morning in the latest round of negotiations between Saints general manager Mickey Loomis and Brees’ agent, Tom Condon.
“I appreciate the diligence and steadfast efforts by both sides to get this deal done,” Brees told ESPN’s Ed Werder. “I love my organization, team, and the city of New Orleans. Thank you especially to (owners) Gayle and Tom Benson for the opportunity. Now I need to go earn it.”
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