Taysom Hill and the Saints have agreed to a contract restructure, according to ESPN's Adam Schefter. The restructure is a four-year, $140 million extension. All years are voidable, as the deal frees up $7.5 million in cap space. Hill's contract numbers include a $9.686 million signing bonus, a $1.439 million guaranteed roster bonus and $1.034 million guaranteed base salary plus incentives, per Schefter.
In layman's terms, Hill and the Saints agreed to a one-year, $12.159 million restructured contract with four voidable years to spread out a $9.6 million signing bonus, per Spotrac's Michael Ginnitti. The new deal carries an $8.4 million cap hit, giving the Saints nearly $7.5 million in cap space.
The news of Hill's restructure came just minutes after Drew Brees announced his retirement. An undrafted rookie in 2017, Hill has been with the Saints since September of 2017. While he did not start at quarterback until last season, Hill served as a valuable receiver/running back and returner during the last three seasons. He's tallied 11 rushing touchdowns and seven touchdown receptions while helping the Saints win four consecutive division titles.
Last year, Hill went 3-1 in relief of Brees, who suffered rib/lung injuries in Week 10. He completed 72.7% of his passes with four touchdowns and just two interceptions. Hill, who will turn 31 in August, also rushed for eight touchdowns while averaging 5.3 yards per carry.
Per NFL Network's Tom Pelissero, the Saints are now expected to turn their attention to quarterback Jameis Winston, who just concluded his first season in New Orleans. Winston could receive a similar deal to the one-year, $14 million deal that Cam Newton recently signed with the Patriots.