Found April 04, 2012 on Pro Football Zone:
Saints-quarterback-drew

It seems like there’s a rumor spreading that Drew Brees has signed a $115 million contract with the New Orleans Saints.  This is completely false.

According to Jay Glazer of FOX Sports, Brees hasn’t signed a long term deal.

I wouldn’t expect anything to happen any time soon.  Things are pretty much at a stand still and I would doubt that any progress has been made at this point.

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