The New Orleans Saints just agreed to a deal with the QB that will net him $100 million over the next five years with at least $60 million of that guaranteed. Here are the details:

Brees, per a source with knowledge of the deal, will receive a $37 million signing bonus and a $3 million base salary in 2012. The full signing bonus will be paid out within the next six months.

The $40 million paid in 2012 is fully guaranteed. For now, $20 million beyond 2012 is guaranteed for injury only. Next year, on the third day of the waiver period (typically, the third day after the Super Bowl), $15 million of the injury guarantee becomes fully guaranteed. The extra $5 million remains guaranteed for injury only.

In 2015, again on the third day of the waiver period, more than half of his $19 million base salary becomes fully guaranteed. Ditto for 2016; on the third day of the waiver period, more than half of the $20 million base salary becomes fully guaranteed.

The device in the last two years of the contract forces the Saints to cut him, if at all, sufficiently early in the offseason to give him a full chance to land elsewhere.

In all, he’ll receive $40 million this year, $10 million in 2013, $11 million in 2014, $19 million in 2015, and $20 million in 2016.