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Last night, it was close. Now, it’s nearly complete.

A source with knowledge of the situation tells PFT that a new deal between the Saints and quarterback Drew Brees is “all but done.” An agreement in principle, along with details regarding the terms, are expected soon.

Brees initially signed with the Saints in 2006. After the six-year, $60 million contract expired, the team applied the franchise tag. That later became a five-year, $100 million contract. Brees has fulfilled four of the five years, making $80 million more along the way.

Some have suggested that the new deal will be shorter in nature than most quarterback extensions, which benefits Brees by not giving the team the ability to squat on his rights during the non-guaranteed outer years of the contract. At age 37, it’s unclear how much longer he’ll be able to play at a high level; if he continues to do so, he can follow this contract with another one.

For the Saints, the risk becomes making a commitment of guaranteed dollars that extends beyond the point at which Brees experiences the inevitable decline that every quarterback eventually will face. At some point in the next decade, Father Time is going to win. The question is whether Brees could maybe get through as much as half of the next decade before the old man with the long beard begins to pull ahead.