Drew Brees and the New Orleans Saints have reached an agreement on a five-year, $100 million contract that includes a first-year take in 2012 of $40 million, according to league, players' union and team sources.

For all practical purposes, the guaranteed money is considered by all parties involved to be an NFL-record $60 million, though there are contractual, but unlikely, outs for the Saints before he would receive all of that sum.

The accord was struck Friday morning in the latest round of negotiations between Saints general manager Mickey Loomis and Brees' agent, Tom Condon.

"I appreciate the diligence and steadfast efforts by both sides to get this deal done," Brees told ESPN's Ed Werder. "I love my organization, team and the city of New Orleans. Thank you especially to [owners] Gayle and Tom Benson for the opportunity. Now I need to go earn it."

Brees had until 4 p.m. ET Monday to reach a long-term contract with the Saints or his only option would have been to play in 2012 under the terms of his franchise tender of $16.371 million. But he had no plans to report to training camp without a long-term contract, sources said.

Brees' 2012 salary of $40 million is fully guaranteed, breaking down as $37 million in bonus and $3 million in salary. The deal carries a $10.4 million cap hit.