Sports broadcaster ESPN are reporting that Drew Brees and the New Orleans Saints have reached an agreement on a five-year, $100 million contract that includes a first-year take in 2012 of $40 million.
Brees's 2012 salary of $40 million is fully guaranteed, breaking down as $37 million in bonus and $3 million in salary. The deal carries a $10.4 million cap hit.
That is potentially a record guarantee of nearly $60 million, although there are contractual outs for the Saints before Brees would receive all of that sum.
The deal was struck Friday morning in the latest round of negotiations between Saints general manager Mickey Loomis and Brees' agent, Tom Condon.
Drew Brees set the single-season passing record last season of 5,476 yards, and since joining the Saints has two of the four most prolific seasons in NFL history.