Saints QB Drew Brees, possible contract options and cap implications

So Saints own Drew Brees has decided to make at least one more run. Let’s take a look at the implications for the organization.

First, Drew is technically a free agent. One who still carries $15,900,000 against the 2020 cap. But there is more. Drew also carries an additional $5,400,000 in restructure money for 2021. That means the total cap hit for 2020 would be $21,300,000, ie dead cap, if the team doesn’t sign him to a new contract. There is a little incentive for Mickey to work some magic and resign him.

Makes it kind of hard to work one year deals where Mr. Brees is concerned. No, I’m not one of those who worry about how Mickey Loomis will manage it. I am concerned with how it will affect the team in the future. Loomis is famous for pushing the proverbial piper down the road, but the road is running out. Loomis has until 3/18/20 to make something happen as Drew’s contract voids on that date and we take the full cap hit. spotrac has his market value pegged at 36.5 mil per year.

With an adjusted cap just north of 202 mil and the Saints 2019 rollover they have a projected $12,302,100 in cap space to work with.

My friend Frenchie, aka FrenchFreak once asked me if I would tell him when I thought it was time to move on from Drew. Frenchie in my opinion the time has come but I don’t make the decisions for the Saints. The Saints of course are saying the right thing, that they want Drew Brees on the team for as long as he wants to play. Can/will that actually happen? Probably for this year, but I shudder to thing what that means for next.

Drew is 41, signed a 2 year deal in 2018 for 50, mil, and for cap purposes, carries the 2020 consequences. He earned 25 mil per with carry over from the last contract. Don’t get me wrong. Drew had the best rating of the QBs in the over 30 crowd. Even with missing 5 games he continues great QB play, setting new records, (usually beating his own), but he is not the Drew Brees of old. Fans are talking about signing this receiver or drafting that speedster. What we really need are more Michael Thomas or Marques Colston type receivers for him to target.

Now to the harsh realities. Drew can expect to earn 30 mil and he deserves it. Will he do a team friendly deal for one more run? Drew and his agent will have to make that decision. a one year deal at just 25 mil would cost $40,900,00 for 2020 and carry over $5,400,000 into 2021. That’s a one year extension, without any signing bonus or other bonus. Just a straight 25 mil guaranteed for 2020. Start adding signing bonuses and extending him more than one year and the future cap hits start at something like 11 mil for 2021, and more hits long after he is not longer on the team. Make it a 2 year extension with say a 15 mil signing bonus would push his cap hit to over 44 mil for 2020, and 34 mil and change for 2021, while carrying a cap hit of 7.5 mil for 2022 which would be his void year. Now I’m not Mickey Loomis and I’m sure he could massage those numbers to be more cap friendly on the front end but, the cost when Drew finally hangs it up are a little scary to me.