July 13, 2012
A person familiar with the deal tells The Associated Press that Brees and the team reached agreement Friday. Brees had been tagged as the Saints' exclusive franchise player and could not negotiate with other teams.
The person spoke on condition of anonymity because the contract has not been announced.
Had a deal not been reached, the tender for a quarterback was worth $16.3 million. Brees would have had to play for that amount or hold out without a contract.