The agent for Thomas Morstead says the Saints' punter and kickoff specialist has agreed to a six-year extension worth $21.9 million.
Vann McElroy says the deal pays Morstead an average of $3.65 million during the final six years of what now becomes a seven-year deal running through the 2018 season.
That would make Morstead the second-highest paid punter in the NFL behind Oakland's Shane Lechler, whose contract pays about $4 million annually.
New Orleans selected Morstead in the fifth round of the 2009 draft out of SMU.
Last season, he averaged 43.1 net yards on punts, which ranked second in the league, and had 13 punts inside opponents' 20-yard line.
With kickoffs moved to the 35-yard line last season, Morstead set an NFL record with 68 touchbacks.