Per Ian Rapoport of the NFL Network, the Saints agreed to sign their franchise quarterback to a new contract worth $50 million over two years. Rapoport noted Brees "took less to help the team continue to build."
Rapoport reported in January the 19-year veteran wanted to sign a new deal with New Orleans and wouldn't retire even if the team won the Super Bowl.
The Saints' season ended with a 26-20 loss to the Minnesota Vikings on Wild Card Weekend.
Even though Brees took time to decide if he wanted to play a 20th NFL season, he ended the suspense with an Instagram message Feb. 18: "My feelings about the 2020 season! I look forward to the grind and the journey, for the reward at the end will be worth it!!! Love you #WhoDatNation. Let's make another run at it!"
When Brees' last contract expired after the 2017 season, the Saints let him test the open market. ESPN's Mike Triplett reported in March 2018 there was at least one other team willing to offer the Super Bowl XLIV MVP $60 million guaranteed over two years.
Brees wound up accepting a two-year offer worth $50 million from New Orleans then as well.
The Saints still boast one of the NFC's best rosters and can make a Super Bowl run with Brees back in the fold. They won 13 games during the 2019 regular season, tied with the San Francisco 49ers and Green Bay Packers for most in the conference.
Brees missed five games early in the season because of a torn ligament in his thumb, but there were no signs of rust when he returned in Week 8. The 41-year-old led the NFL in completion percentage for the third straight season (74.3), averaged 270.8 passing yards per game and threw 27 touchdowns in 11 starts.
There will be a point in the not-too-distant future when New Orleans has to replace Brees, but that will wait at least one more season.