The New Orleans Saints and quarterback Drew Brees have agreed on a five year, $100 million contract with an NFL record $60 million guaranteed, including $40 million in the 2012 NFL season.

Drew Brees had until 4PM on Monday to reach a deal with the Saints or he'd have had to play the 2012 season under the terms of his franchise tag. He stated that he would not have shown up for training camp unless a long term deal was reached.

Brees' 2012 salary of $40 million is guaranteed and in 2013 the Saints have a three day window to release him. If the Saints do keep Brees, he will get another guaranteed $15 million. In 2013, the Saints have the same window and if he is kept on by the Saints, Brees gets another $5 million guaranteed.

The deal was reached on Friday morning by Saints general manager Mickey Loomis and Brees' agent, Tom Condon.

Brees' guaranteed money eclipses the Detroit Lions' Calvin Johnson, who earlier this year signed a deal that guarantees him $48.75 million.

Brees will become the first player in NFL history to earn more than $20 million in a single season.