Brees posted a note on his Twitter page reading, "Deal is Done! Love you, Who Dat Nation. See you soon!"
Brees had been tagged as the Saints' exclusive franchise player and could not negotiate with other teams.
Had a deal not been reached, the tender for a quarterback was worth $16.3 million. Brees would have had to play for that amount or hold out for a better one-year deal, which would have left his long-term future in New Orleans uncertain.
Brees skipped the Saints' offseason practices while holding out for his new long-term contract, which now gives him the highest average annual pay ($20 million) in NFL history. Buffalo defensive end Mario Williams also has a $100 million contract, but for six years.
Now Brees is set to report for the opening of Saints training camp on July 24, a needed dose of good news for a club whose offseason has been plagued by the bounty scandal that resulted in the season-long suspensions of head coach Sean Payton and linebacker Jonathan Vilma, among other sanctions.
Peterson hearing reset
Prosecutors have agreed to reset Adrian Peterson's court date to Aug. 6 on a misdemeanor charge stemming from an incident at a Houston nightclub.
The Minnesota Vikings star running back was charged with resisting arrest early Saturday. He was handcuffed and briefly jailed after a confrontation with an off-duty police officer at the club. He was released on a $1,000 bond.
Peterson and attorney Rusty Hardin arrived early for his initial court hearing on Friday, then left before Judge Natalie Fleming even arrived. Hardin says he wants prosecutors to gather more information.
Harris County District Attorney's Office spokesman David Benzion said both sides met before the hearing and agreed on the delay "to ensure that every relevant witness is heard from. All of this is routine."
Colts sign LB Lumpkin
The Indianapolis Colts have signed linebacker Larry Lumpkin, an undrafted free agent who played at Carson-Newman.
Lumpkin led his team with 94 tackles (62 solo) last season, including 10 tackles for a loss, and earned All-South Atlantic Conference first-team honors.
Lumpkin also played two seasons at Alabama A&M and had 82 tackles, 16.5 tackles for loss, four sacks, two passes defensed, two forced fumbles, and one fumble recovery.
Seattle cuts WR Williams
Mike Williams, whose career was reignited with the Seattle Seahawks in 2010, was cut suddenly Friday by the Seahawks two weeks before the start of training camp.
Williams was a candidate for comeback player of the year in 2010. But Williams' 2011 season was cut short by a broken left ankle.