Oh...yeah they are probably screwed for 2021. They could further restructure some of those big contracts (again), lose a bunch of middle class players and replace them with scrubs, provided Brees retires. Brees retirement would give them some more wiggle room, and I really believe that Brees was overall a net liability with his arm/injury problems last year. If Brees decides to play again (which he's done two years in a row), they would be really, really screwed though.
But supposing he retires, they go with Hill or Winston, and they downgrade from an A+ roster to a B roster, I think they're a 8-9 win team, and kicking those hits down the road further is just going to further delay their rebuild. They may just opt not to restructure those deals, take the hits, release/trade a bunch of assets, and be at peace with having an uncompetitve team. I wouldn't be surprised if they take that approach. This really was their last chance with that core.