In a sign of impending retirement, the quarterback reached an agreement with New Orleans to alleviate space below the salary cap
At the most recent signal that Drew Brees is preparing to retire after 20 seasons, the quarterback of the Saints of New Orleans has agreed reduce their 2015 salary by $ 25 million to a minimum for veterans of $ 1,075 million, Confirmed a source in ESPN.
the move will free up about $ 24 million in salary cap space for a team of Saints which was projected to start the low season about 100 million above the salary cap.
The deal was first reported by Over The Cap.
Brees, 42, has not yet announced whether he plans to officially retire. However, the move has been widely expected for months. The head coach of the Saints, Sean Payton said Wednesday he expects an announcement about plans for the future Brees within a week or two.
Brees and the Saints they would wait until after June 1 to officially submit their retirement documents so they could distribute their remaining costs from the salary cap over the next two years. Brees was scheduled to impact 36,150,000 against the salary cap this campaign, with another round of 11,500,000 “dead money” scheduled to impact against the 2020 salary cap on previous signing bonds.
It will now impact with just 12,225,000 against the salary cap until June 1, which would be reduced to 11,150,000 after it is officially withdrawn. However, it would impact with another 11,500,000 against the salary cap for the year that under this scenario for a total of 22,650,000 in dead money.
I Brees retires, will go off as the NFL’s all-time leader in air yards (80,358) and will be in second place in history in touchdown passes (571) and percentage of complete passes (67.7 percent).