The agreement was first reported Over The Cap.
Brees, 42, hasn't yet declared whether he plans to retire. However, the movement was widely anticipated for months. Saints coach Sean Payton said Wednesday he expects a statement on Brees' future programs within a couple weeks.
Brees and the Saints would wait till after June 1 to formally file his retirement so that they can spread his staying salary-cap prices during the next couple of decades. Brees was scheduled to count $36.15 million against the cap this year, with the other"dead money" reach of $11.5 million scheduled to count from the 2022 salary cap out of preceding signing bonuses.
Now he'll count only $12.225 million against the cap until June 1 -- that would be decreased to $11.15 million later he formally retires. He'd nevertheless rely an additional $11.5 million against next year's cap under that situation to get a total of $22.65 million in dead money.