The New Orleans Saints reached an agreement with quarterback Drew Brees to restructure his contract, freeing up salary cap space for the 2019 fiscal year. Tom Pelissero of NFL Network first reported the move, noting that the Saints created $10.8 million in cap space to put towards re-signing backup quarterback Teddy Bridgewater. The numbers are in flux because of missing details from other signings, but by our count the Saints should have about $17 million in salary cap space at their disposal after this restructure.
The bad news is the implication this restructure has for the future. Brees’ current contract will void after the 2019 season, making him a free agent in March 2020 or opening the door for his retirement. If Brees never plays for the Saints again after the 2019 season, he will leave a dead-money hit of $21.3 million. If Brees continues to play for the Saints, his 2020 salary cap charge will be that $21.3 million plus whatever salary he agrees to with the Saints, likely north of $40 million.
Of course, the Saints could continue to kick the can down the road with more restructures and contract tweaks. They’re projected to have more than $90 million in salary cap space for 2020, but that number will shift depending on what happens with Brees. They also need to pay young superstars Michael Thomas and Alvin Kamara in subsequent years, along with other core members of the roster. It’s not the healthiest salary cap situation around the league, but it’s much better than where the Saints have put themselves in previous years.
