Not long after 20-year NFL veteran Drew Brees announced his retirement from football on Sunday, news broke that one of his potential successors had a restructured deal.

The key is understanding that the contract extension for former BYU quarterback Taysom Hill is fully voidable and will help the New Orleans Saints save $7.5 million in cap space this year, per reports from several national news outlets.

ESPN’s Adam Schefter explained the details of the extension for Hill, which is set to help a salary-cap strapped Saints organization in the 2021 season.

“Details are great: it’s a 4-year, $140 million contract extension — but all years are voidable and it’s a mechanism to free up cap space this year, per source. It saves Saints over $7.5M against cap this year,” Schfter said on Twitter of Hill’s contract extension. 

Hill, who’s headed into his fifth NFL season, signed a two-year, $21 million deal with the team last offseason. He started four games during the 2020 season when Brees was hurt, and Hill went 3-1 as a starter and finished the year completing 88 of 121 passes with 928 yards, four touchdowns and two interceptions. He also rushed for 457 yards and eight touchdowns while adding a receiving score.

NBC Sports’ Mike Florio reported Hill will get the $12.159 million he’s due in 2021 — which includes a $9.686 million signing bonus, per Spotrac — but beyond that, this is simply a way to create cap space for New Orleans.

Schefter further explained “the framework is there for a new deal next offseason” if Hill performs well in the upcoming season.

The 42-year-old Brees, who led the Saints to their lone Super Bowl championship, announced his retirement via an Instagram post.

“After 20 years as a player in the NFL and 15 years as a Saint, it is time I retire from the game of football. Each day, I poured my heart & soul into being your Quarterback. Til the very end, I exhausted myself to give everything I had to the Saints organization, my team, and the great city of New Orleans. We shared some amazing moments together, many of which are emblazoned in our hearts and minds and will forever be a part of us,” Brees said on Instagram.

Brees concluded by adding, “I am only retiring from playing football, I am not retiring from New Orleans. This is not goodbye, rather a new beginning. Now my real life‘s work begins!”

With Brees retiring, that leaves the Saints with a decision to make at starting quarterback, whether it’s Hill, Jameis Winston or some other route.

Winston joined the Saints last year on a one-year deal, and recently Saints coach Sean Peyton expressed interest in New Orleans keeping the impending free agent around.

“A lot of times you want to hold your cards closer to the vest (with a) free agent. But him along with Taysom Hill, we’ve said it all along, we’re gonna develop and coach those guys. And Jameis is one of those guys that we have a big interest in,” Payton told “Good Morning Football,” per ESPN.

That sentiment was echoed Sunday, after Brees’ retirement. NFL Network’s Ian Rapoport reported that the Saints have already been working on a contract with Winston, as the team’s likely starter next year.