METAIRIE, La. – In the latest signal 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 a minimum of $ 1,075 million for veterans, confirmed a source on ESPN Friday.
The move will release nearly $ 24 million in salary cap for a Saints team that was expected to begin the low season at about $ 100 million.
Over The Cap first reported the deal.
Brees, 42, has not yet announced whether he plans to officially retire. But the measure has been widely awaited for months. Saints coach Sean Payton said Wednesday he expects an announcement about Brees’ future plans in a week or two.
Brees and the Saints would then wait until after June 1 to officially present their retirement paperwork and thus be able to distribute their remaining salary cap costs over the next two years. Brees was projected to post $ 36.15 million against the limit this season, with another $ 11.5 million “dead money” hit planned to account for the 2022 salary cap from previous bonuses.
It will now count for only $ 12.225 billion against the limit until June 1, which would be reduced to $ 11.15 million after it was officially withdrawn. It will still count another $ 11.5 million against next year’s limit in this scenario for a total of $ 22.65 million dead.
If Brees retires, he will come out as the all-time NFL leader in career passing yards (80,358) and will rank second in all touchdown passes (571) and completion percentage (67.7%).