Saints Restructure Brees’ Contract
ESPN and several New Orleans media outlets are reporting the New Orleans Saints have restructured the contract of quarterback Drew Brees to free up some salary cap space.
The report says a a portion of Brees' salary is being converted into a signing bonus, which frees up some money for this year, but will place a bigger burden on the cap next year.
The NFL Players Association is now listing Brees' salary as $6.3 million less than previously reported. The bonus can be prorated over the remainder of the contract.
Brees' cap hit now decreases to $23 million for this year, but will increase to $30 million in 2016. The Saints can spread out some of that cap hit by giving Brees a contract extension past the 2016 season when the agreement is set to expire.