The contract has everything needed to keep Brees in New Orleans, including a no-trade clause, and preventing the team from using the franchise tag on him. Brees' cap number was at an NFL-record $30 million, but this extension knocks it down to $17.25 million for 2016.
The former Super Bowl champion admitted that the deal is a little more "complicated" than it needs to be, but he states "I'll be here as long as they'll have me."
The 37-year-old is now under his third contract since originally signing with the team in 2006. In those 10 years, Brees has exactly 100 wins, including the only Super Bowl-win in franchise history in 2009. He is reportedly on pace to pass Peyton Manning for number one in passing yards and passing touchdowns.
Brees currently sits fourth all-time in passing yards, but coming off a struggling 7-9 season, his focus will be on getting his team better.
On to another deal that got done on Wednesday, the Denver Broncos extended wide receiver Emmanuel Sanders three years, The extension is reportedly worth $33 million, with $27 million in guaranteed money.
Broncos' president John Elway was first to announce the deal on Twitter, a deal that keeps Sanders in the mile-high city through 2019.
The 29-year-old was in the third year of a three-year deal he signed in 2014. He has back-to-back 1,000-yard seasons, including in 2014, where he made his only Pro Bowl. He finished last season with 76 catches for 1,135 yards. When speaking of his new deal, Sanders used one key word: "honored."