New Orleans Saints’ 2020 NFL free-agent signings: Emmanuel Sanders joins the fold

NFL free agency is off and running, and we’re keeping track of every major signing, trade and release of the 2020 offseason, with analysis from our NFL Nation reporters and grades from Bill Barnwell. The new league year begins 4 p.m. ET Wednesday, which means free-agent signings can be made official after that. The first round of the 2020 NFL draft begins April 23.

Here’s a breakdown of every 2020 NFL free-agent signing by the New Orleans Saints, and how each move will impact the upcoming season:

Drew Brees, quarterback

Brees has agreed to a two-year deal with the Saints that is worth approximately $50 million, sources told ESPN on Tuesday.

What it means: We already knew Brees was coming back for a 20th season. But this is even better news for the Saints since he’ll be doing it at such a discounted rate. Brees’ new deal is the same as his old one (two years, $50 million, per source — likely with only one year of guaranteed salary). And this time, he’s even more of a bargain considering the inflation of QB salaries around the league. As of now, Brees ranks 12th among NFL quarterbacks in average salary — with more guys likely to pass him up soon. That’s huge for a Saints team that is slammed tight against the salary cap and has some hefty contract extensions looming for Alvin Kamara, Ryan Ramczyk and Marshon Lattimore. The Saints have one of the NFL’s most talented rosters, with a total of 14 players who were named to either the Pro Bowl or Associated Press All-Pro team last year. This will help them keep that roster intact as much as possible.

What’s the risk: Well, Brees is 41 years old. So there is some obvious inherent risk in that. And by investing in him, the Saints will almost certainly have to let go of 27-year-old backup Teddy Bridgewater, who would’ve been a nice succession plan if they were able to hang on to him indefinitely. But the decision to keep Brees is a no-brainer — especially at this price tag. He has actually been playing some of the best football of his career over the past two seasons, with the two best passer ratings (116.3 in 2019, 115.7 in 2018). He was the NFC’s Offensive Player of the Month last December with 15 touchdown passes and no interceptions. And while he no longer throws the deep ball as often or as well as he did in the past, he has made up for that with higher completion percentages and lower interception totals.

The Saints will have to get creative with their salary-cap bookkeeping to squeeze in his new deal. Brees was already scheduled to count $15.9 million against the 2020 cap because of “dead money” from his old deal. They will likely push back a similar amount into future years. But they will eventually be able to pay off the credit card bills whenever Brees does retire — and they should have even more room to catch up once the NFL’s new CBA and TV deals kick in.

Andrus Peat, guard

The Saints have agreed to re-sign Peat to a five-year contract, the team announced Friday. The deal is worth $57.5 million, with $33 million guaranteed, a source told ESPN, confirming a report by NFL Network.

What it means: I thought this was an area where the Saints might look to save some money with their limited salary-cap space, since they have so much invested elsewhere across the offensive line and since Peat had a down year in 2019. Instead, they appear to be paying full price for him with a five-year, $57.5 million deal that includes $33 million guaranteed, per source. Now it makes me wonder if they will continue to invest in both right guard Larry Warford and veteran backup Nick Easton, both of whom have high cap figures. The Saints are going to need to create some more cap space somewhere if they plan to add anymore top free agents — especially if they’re saving room to re-sign running back Alvin Kamara to a lucrative extension later this offseason.

What’s the risk: The financial risk is obvious, but the Saints are clearly banking on the Peat that played his best football from 2016-18 instead of the one who battled inconsistency in 2019 and struggled in their playoff loss to the Minnesota Vikings. The former first-round draft pick has become one of the most polarizing players on the Saints’ roster as a result. But at his best, he helped the Saints finish in the top two in the NFL in 2017 in both yards per rush and yards per pass attempt, while running backs Mark Ingram and Kamara both gained 1,500 yards from scrimmage. The Saints also value Peat’s ability to slide over and play left tackle when needed — which has been huge for them because of left tackle Terron Armstead’s past injury issues. Peat has also battled a handful of his own injuries in the past two years, but none should be a risk of a recurring issue. He missed six games last year because of a broken forearm.

David Onyemata, defensive tackle

The Saints have made their first big move of free agency, agreeing to a deal that will keep Onyemata in New Orleans, a source confirmed to ESPN.

What it means: Keeping Onyemata is key for the Saints since he has been such an underrated part of their resurgent defensive line in recent years. New Orleans actually led the NFL in run defense over a two-year span from 2018 to 2019 — and teammates and coaches often point to the 6-foot-4, 300-pounder as a big reason why. Onyemata started all 16 games he played last season, including the playoffs — even after former first-round draft pick Sheldon Rankins returned from a torn Achilles. And he has played nearly 60% of the Saints’ defensive snaps since they “discovered” him as an unpolished gem from the University of Manitoba in Canada in the fourth round of the 2016 draft.

What’s the risk: The Saints didn’t get too much of a “hometown discount” on Onyemata, who agreed to a three-year deal worth $27 million, with $18 million guaranteed, per a source. And every dollar spent on any free agent could technically be considered a risk for the Saints, who entered this week with less than $10 million in salary-cap space. They now have significant investments in three defensive tackles this year, including Rankins and nose tackle Malcom Brown. But they have to feel good about this investment in a homegrown talent like Onyemata. I predicted he would be the one defensive free agent most likely to stay in New Orleans — both because of his value to the team and the fact that the secret might not be out on him throughout the league. The Nigerian native is still relatively new to the sport since he had never played North American football until college. So he still has room to keep rising.