$100 million to be paid over five years with $60 million guaranteed salary
NEW ORLEANS — The New Orleans Saints have finalized a deal with Drew Brees - $100 million for the next five years.
Brees is guaranteed an "NFL-record $60 million, including a first-year take in 2012 of $40 million, according to league, players union, and team sources," as announced by ESPN.
Brees's guaranteed income includes a guaranteed $40 million payout in 2012, $15 million in 2013 and $5 million in 2014. This total of $60 million in guaranteed income is the highest guaranteed total an NFL player has ever earned.
In addition, Brees will make a salary of $1 million in 2014, bringing his income to $61 million over the next three years.
However, with such a large contract in place, Brees will have to perform. In both 2013 and 2014, the Saints will have a 3-day window to release Brees in the week following that season's Super Bowl.
The same possibility of release is in place for 2015 and 2016. Assuming Brees stays on the team, he could earn an additional $39 million dollars, bringing his grand total salary for the next five years to $100 million.
Saints owner Tom Benson released a statement on the contract deal: "Congratulations are in order for our organization, our city, Drew and Brittany and certainly for Mickey Loomis and his staff for all of the hard work put in to make this possible. Now we must turn our focus to getting reading for the start of training camp and to keeping with our goal of being the first team in NFL history to host and play in a Super Bowl."