Drew Brees reworks his contract. Here’s what it likely means for his future with the Saints https://t.co/uPqEMWWaaR via @NOdotFootball

— Nick Underhill (@nick_underhill) February 6, 2021

Drew Brees agreed to reduce his 2021 salary from $25M down to $1.075M, freeing up $23.925M of cap space.

This allows the #Saints to carry his contract thru June 1st, after which they can process his retirement, splitting the dead cap into $11.15M for 2021, $11.5M in 2022.

— Spotrac (@spotrac) February 6, 2021

In other words:

The #Saints will carry a $12.225M cap hit for Brees until June 1st.

After that (assuming he retires), they will carry an $11.15M dead cap hit for the rest of 2021, then $11.5M for 2022.

— Spotrac (@spotrac) February 6, 2021