Originally written on 60 Max Power O  |  Last updated 3/13/12

MIAMI GARDENS, FL - FEBRUARY 07: Marques Colston #12 of the New Orleans Saints is hit by Jacob Lacey #27 of the Indianapolis Colts during Super Bowl XLIV on February 7, 2010 at Sun Life Stadium in Miami Gardens, Florida. (Photo by Donald Miralle/Getty Images)

The contract is valued around $40 million and includes $19 million in guarantees, according to an NFL source. Colston was a key free agent the Saints couldn't afford to enter free agency.

Colston stated after signing:

"This was important to me, to be back with this team in this situation," Colston said in a statement released by the Saints. "I was not looking to chase free agency; it was more important for me to be back in our program, a program we have been building and a program I believe in. The Saints have been loyal to me from the beginning and I want to thank my agent Joel Segal and Saints GM Mickey Loomis for getting this deal done before free agency. Now it is time to get back to work and win some more rings."

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