7:01 am July 10, 2012, by Joel Provano
The New Orleans Times-Picayune is reporting that the team and Brees are close to a five-year deal that would pay him between $19.2 million and $20 million a year — surpassing the $19.2 million a year the Denver Broncos are paying Peyton Manning.
The two sides have until July 16 to reach an agreement. If they don’t, Brees will have to play the final year of his contract at a meager $16.4 million under the franchise tag the team has applied to him. And he’d have to wait until after the season to negotiate a new deal.
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