Drew Brees and the New Orleans Saints agreed on a five-year, $100 million contract, NFL Network's Michael Lombardi reported Friday.
Brees' contract is worth $40 million in the first year and includes $60 million in guaranteed money, a source with direct knowledge of the situation told Lombardi and NFL.com's Albert Breer.
The quarterback's new deal is worth an average of $20 million per year, making it the richest in the NFL based on average annual salary, and includes a $37 million signing bonus. With the bonuses counting against the cap on a pro-rated basis over the life of the contract -- $7.4 million per year in Brees' case -- he will only count $10.4 million against the cap in 2012.
Greg Bensel, the Saints vice president of communications, confirmed the deal later Friday via his Twitter account, though he did not mention financial terms.