Though the New Orleans Saints have been dragging their feet on a contract extension for Drew Brees, both sides have finally reached an agreement to keep the quarterback on for a jaw-dropping $100 million over five years. That’s a historic deal, mind you.

Brees and the Saints have had their fair share of grievances, but both sides managed to strike a deal to keep the QB on for the next several years. In what Newser has called “the most lucrative deal in NFL history,” Drew Brees will be averaging $20 million a year over five years, a paycheck so large, no football player has ever cashed it before. Sweetening the pot is a guaranteed $40 million in the first year, reports ESPN.

“I appreciate the diligence and steadfast efforts by both sides to get this deal done,” said Brees shortly after the deal was done. “I love my organization, team and the city of New Orleans. Thank you especially to (owners) Gayle and Tom Benson for the opportunity. Now I need to go earn it.”

It breaks down like this: Brees’s 2012 salary of $40 million is guaranteed, breaking down to about $37 million in signing bonus and $3 million in actual salary. The deal carries a $10.4 million cap hit. Bleacher Report has the precise details of the deal.

“Congratulations are in order for our organization, our city, Drew and Brittany and certainly for Mickey Loomis and his staff for all of the hard work put in to make this possible,” Saints owner Tom Benson said in a statement. “Now we must turn our focus to getting ready for the start of training camp and to keeping with our goal of being the first team in NFL history to host and play in a Super Bowl.”

Chris Mortensen of ESPN first confirmed the settling of the deal via Twitter:

,@DrewBrees, #Saints reach agreement on 5 yr, $100-mill deal, including $40 mill in year 1; $60 mill guaranteed in 1st 3 yr. More on #ESPN

— Chris Mortensen (@mortreport) July 13, 2012

Drew Brees himself confirmed the deal later, tweeting himself:

Deal is Done!Love you, Who Dat Nation. See you soon!

— Drew Brees (@drewbrees) July 13, 2012

Though Drew Brees didn’t post a picture of himself with the tweet, we imagine the prospect of $40 million in his first year, $100 million total over five made him:

Drew Brees Deal Settled: QB Signs Record-Shattering $100M Contract With Saints is a post from: The Inquisitr