Drew Brees agreed to a two-year, $50 million contract to remain with the New Orleans Saints.
The deal includes $27 million guaranteed according to NFL Network and ESPN.
Brees, 39, said after the season-ending playoff loss to the Minnesota Vikings that he planned to be back with the Saints. The contract rates as a relative discount considering Brees' production and the exploding market for quarterback contracts, including a five-year, $137.5 million deal for Jimmy Garoppolo with the San Francisco 49ers.
Brees' last one-year extension was worth $24.25 million.
The Saints won the NFC South and should bring back the majority of their starters on both sides of the ball.
Drew Brees through his NFL career
Drew Brees through his NFL career
Charger rookie quarterback and first round draft pick Drew Brees watches the action from the sidelines during the season opener against the Redskins in San Diego on Sept.9, 2001. The Chargers won 30ï¿½3. (Photo by Vince Compagnone/Los Angeles Times via Getty Images)
7 NOV 2002: San Diego Chargers Drew Brees during a game against San Francisco 49ers at the Qualcomm Stadium Sunday November 7, 2002, in San Diego, CA. (Photo by Matt A. Brown/Icon Sportswire via Getty Images)
28 Sept 2003: Drew Brees of the San Diego Chargers during Chargers 34-31 loss to the Oakland Raiders at Network Associates Coliseum in Oakland, CA. (Photo by Dilip Vishwanat/Sporting News via Getty Images)
Cleveland Browns defensive end Ebenezer Ekuban (R) sacks San Diego Chargers quarterback Drew Brees as the snow falls during the first quarter of NFL action in Cleveland, Ohio December 19, 2004. REUTERS/Ron Schwane RS/GN
KANSAS CITY, MO - DECEMBER 24: Jimmy Wilkerson #96 of the Kansas City Chiefs reaches for Drew Brees #9 of the San Diego Chargers as he runs the ball in the first half of the game on December 24, 2005 at Arrowhead Stadium in Kansas City, Missouri. (Photo by Larry W. Smith/Getty Images)
New Orleans quarterback Drew Brees during the first half of the Saints 23-3 win over Atlanta Monday, September 25, 2006, at the Superdome in New Orleans, Louisiana. (Photo by Kevin C. Cox/Getty Images)
New Orleans Saints quarterback Drew Brees accepts the NFL Player of the Year award in Miami, Florida January 31, 2007. REUTERS/Brian Snyder (UNITED STATES)
New Orleans Saints wide receiver Devery Henderson (19) and quarterback Drew Brees celebrate after defeating Tampa Bay Buccaneers 24-20 in their NFL football game in New Orleans September 7, 2008. REUTERS/Sean Gardner (UNITED STATES)
New Orleans Saints Quarterback Drew Brees celebrates his team's overtime win against the Washington Redskins in Landover, MD, December 6, 2009. REUTERS/Jason Reed (UNITED STATES SPORT FOOTBALL)
New Orleans Saints head coach Sean Payton applauds as quarterback Drew Brees holds up the Vince Lombardi trophy after defeating the Indianapolis Colts to win the NFL's Super Bowl XLIV football game in Miami, Florida in this February 7, 2010 file photo. Proposals to extend the National Football League (NFL) season by two games have not been thought through and could lead to more injuries and curtailed careers, say players. Picture taken February 7, 2010. To match Feature NFL-SCHEDULE. REUTERS/Jeff Haynes (UNITED STATES - Tags: SPORT FOOTBALL)
BALTIMORE - DECEMBER 19: Drew Brees #9 of the New Orleans Saints looks on from the sidelines against the Baltimore Ravens on December 19, 2010 at M&T Bank Stadium in Baltimore, Maryland.The Ravens defeated the Saints 30 to 24. (Photo by: Rob Tringali/SportsChrome/Getty Images)
New Orleans Saints quarterback Drew Brees is lifted by guard Carl Nicks (77) after setting a new NFL single season passing record of 5087 yards, surpassing Dan Marino's 5084 yards, with a touchdown pass to Darren Sproles against the Atlanta Falcons during their NFL football game in New Orleans, Louisiana December 26, 2011. REUTERS/Sean Gardner (UNITED STATES - Tags: SPORT FOOTBALL)
New Orleans Saints quarterback Drew Brees (9) gets away from Dallas Cowboys defensive end Jason Hatcher (97) in the first quarter at Cowboys Stadium on Sunday, December 23, 2012, in Arlington, Texas. (Ron Jenkins/Fort Worth Star-Telegram/MCT via Getty Images)
CHARLOTTE, NC - DECEMBER 22: Greg Hardy #76 of the Carolina Panthers goes after Drew Brees #9 of the New Orleans Saints during their game at Bank against the Carolina Panthers of America Stadium on December 22, 2013 in Charlotte, North Carolina. (Photo by Streeter Lecka/Getty Images)
Sep 28, 2014; Arlington, TX, USA; New Orleans Saints quarterback Drew Brees (9) runs with the ball against the Dallas Cowboys in the first quarter at AT&T Stadium. Mandatory Credit: Tim Heitman-USA TODAY Sports
Nov 1, 2015; New Orleans, LA, USA; New Orleans Saints quarterback Drew Brees (9) reacts after throwing his seventh touchdown pass of the game during the fourth quarter against the New York Giants at the Mercedes-Benz Superdome. The Saints defeated the Giants 52-49. Mandatory Credit: Derick E. Hingle-USA TODAY Sports
Oct 30, 2016; New Orleans, LA, USA; New Orleans Saints quarterback Drew Brees (9) celebrates with teammates after a touchdown against the Seattle Seahawks during the second quarter of a game at the Mercedes-Benz Superdome. Mandatory Credit: Derick E. Hingle-USA TODAY Sports
Jan 29, 2017; Orlando, FL, USA; NFC quarterback Drew Brees of the New Orleans Saints (9) passes against the AFC during the second half of the 2017 Pro Bowl at Camping World Stadium. Mandatory Credit: Kirby Lee-USA TODAY Sports
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"I feel like we have a great window of opportunity. I've been a part of talented teams in the past throughout my career, though, that have not lived up to expectations. I've also been a part of teams that were just gutsy and gritty, and surpassed expectations," Brees said. "So the bottom line is that success is dependent upon your willingness to work and the way that guys care about each other and the sense of urgency. So while I think we do have a talented team, I know that each year you have to go out and prove it."