ESPN reports that the contract is worth $40M this year, $15M next year and $5M in 2014 and those years are guaranteed. Talk about front loaded. http://espn.go.com/nfl/story/_/id/8...rees-new-orleans-saints-agree-record-contract
I have no idea. But I read somewhere that he was already counting the amount of the franchise tag this year (about $16M) and I know that Loomis made his bones in the league as a cap guru so I'm sure there's a plan.
Here's an answer for you: http://profootballtalk.nbcsports.com/2012/07/13/brees-gets-37-million-to-sign/