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Drew Brees restructures contract to give Saints more cap space
Drew Brees has not yet announced his retirement, but in a hint that he's preparing to do so, he has agreed with the Saints that he will dramatically reduce his 2021 salary.
profootballtalk.nbcsports.com
When I first saw the headline I interpreted it to mean that Brees was planning on returning to play in 2021. The columnist says that is not the case, but rather a way to help the franchise dig out of their salary cap situation.
Brees and Saints Renegotiate Contract | Over the Cap
Brees and Saints Renegotiate Contract | Over the Cap
overthecap.com
Brees original contract had a $36.15 million salary cap charge if he was on the team and a $22.65 million cap charge if he retired.
By bringing his salary down to the minimum the Saints will be able to hold his salary cap charge at $12.225 million while Brees ultimately decides his own future. If he retires the Saints can then hold him on the roster until June 1 and then place him on the retired list on June 2nd, allowing them to split his $22.65 million in dead money across two years- $11.15 million in 2021 and $11.5 million in 2022.
The Saints are currently estimated to be about $78 million over the salary cap with plenty of cuts and restructures to go.