The deadline is looming for Drew Brees and the New Orleans Saints to agree to a long-term contract. Brees, who has not yet signed his franchise tender or showed up for any of the team's offseason workouts, faces a deadline of July 16 to complete a long-term contract with the team or else he must play out the 2012 season under the franchise tag, which will pay him over $16 million.
The two sides are more than $10 million apart in guaranteed money on what The Associated Press calls a five-year contract worth about $100 million. There's no indication whether they'll be able to close the gap before Monday's deadline.
Brees has already successfully argued that if the Saints franchise him again in 2013 it will qualify as the third franchise tag he's received after the Chargers did the same to him back in 2005. That it's the third franchise tag would mean a 144 percent increase in pay, which equals a franchise number in 2013 of more than $23 million.
So two years of franchise tags for Brees would mean roughly $39 million, which is where the guaranteed money conversation should start between the two sides.
According to a report, Brees could skip training camp if he doesn't have a new deal by Monday, but he's not expected to miss regular season games.
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