WWL Radio has an alert out on it, but there’s nothing on the web about it yet.

Supposedly, it’s $100 million over five years, with $60 million of it guaranteed.

That would put to bed the biggest sports “thing” in Louisiana of the summer.

UPDATE: ESPN now has it.

Drew Brees and the New Orleans Saints have reached an agreement on a five-year, $100 million contract that all sides concur will guarantee Brees an NFL-record $60 million, including a first-year take in 2012 of $40 million, according to league, players union, and team sources.

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

UPDATE #2: The Times-Picayune’s Mike Triplett has more…

The average salary of $20 million surpassed the $19.2 million per year that the Denver Broncos gave quarterback Peyton Manning earlier this year. ESPN reported the deal is worth $40 million in the first year, with $60 million guaranteed in the first three years.

The deal is not expected to cause any salary-cap problems for the Saints in 2012. Brees was already counting against the Saints’ cap at a salary of $16.4 million this year (the size of his one-year franchise tag offer). And the team could easily structure his long-term deal in a way that keeps his cap figure the same or lower.