Drew Brees will play for the Saints for another two seasons.
New Orleans agreed to a two-year deal worth "roughly $50 million" with their veteran quarterback, according to NFL Network's Ian Rapoport.
The deal comes after Brees announced in an Instagram post last month that he would forgo retirement and return for the 2020 season. At the Pro Bowl in January, he said he planned to wait "a month or so" before deciding whether to return to the NFL for his 20th season.
Brees was set to become an unrestricted free agent on March 18 in a class that also includes quarterbacks Tom Brady and Philip Rivers. However, Brees has repeatedly stated his desire to not test the open market. Less than two hours before news of Brees' deal with the Saints broke, Brady posted an announcement on Twitter titled "Forever a Patriot" stating his decision to not return to New England. Brady has spent his entire 20-year career with the Patriots, while Brees has played in New Orleans for 14 of his 19 seasons in the NFL.
The last time Brees was a free agent, in 2018, he agreed to a two-year, $50 million contract with the Saints. The deal only included one year of guaranteed salary.
Brees, 41, reached his 13th Pro Bowl in 2019 after throwing for 2,979 yards and 27 touchdowns. He led the NFL in completion percentage for the third straight year, and he posted a 116.3 passer rating.
Last season, he logged just 11 regular-season starts for the Saints. Brees underwent surgery on his right hand in September before returning to the field in a win over the Cardinals on Oct. 27.
The Saints won the NFC South at 13–3 in 2019 before losing to the Vikings in the NFC Wild Card.