Drew Brees Signs 5-Year Contract With Saints

The long wait is over! Drew Brees and the New Orleans Saints have agreed on a 5-year, $100 million dollar contract. Chris Mortenson tweeted the news:

@DrewBrees, ‪#Saints‬ reach agreement on 5 yr, $100-mill deal, including $40 mill in year 1; $60 mill guaranteed in 1st 3 yr. More on ‪#ESPN

It looks like yesterday's report from Mike Florio about a possible signing today was accurate.

Make the jump for to see how the contract breaks down over the years.

Brees's 2012 salary of $40 million is fully guaranteed. In 2013, the Saints will have a three-day window to release him after the waiver period begins (five days after the Super Bowl); if not, Brees gets another $15 million of fully guaranteed earnings, bringing his two-year total to $55 million.

In 2014, the same three-day waiver scenario is in place before Brees is fully guaranteed another $5 million, with an additional $1 million in salary. Under the assumption Brees is the team's quarterback for the next three years, he would make $61 million during that stretch, with $60 million fully guaranteed, the highest guaranteed total an NFL player has ever earned. Calvin Johnson's deal with the Lions, signed earlier this year was initially reported to guarantee $60 million, but a closer look found it only fully guaranteed $48.75 million.

For those doing the simple math at home, Brees' contract averages out to $20 million per year, an amount that no player in NFL history has ever earned.

I think I speak for everyone in Who Dat Nation when I say that nobody deserves it more.

Thus officially ends the longest, weirdest and most annoying Saints offseason ever. Ever. Good riddance. Now let's go win a Super Bowl.

UPDATE:

Drew CONFIRMS the good news via Twitter:

Deal is Done! Love you, Who Dat Nation. See you soon!