Report: Saints give Hill voidable $140M extension for cap purposes

The New Orleans Saints are giving quarterback Taysom Hill a voidable four-year, $140-million extension to create salary-cap savings in the near term, sources told ESPN's Adam Schefter.

In 2021, Hill will reportedly earn a guaranteed base salary of $1.034 million, a signing bonus of $9.686 million, and a roster bonus of $1.439 million, with more money available via incentives.

Ultimately, the deal saves New Orleans about $7.5 million against the cap this year, as signing bonuses - unlike base salaries and roster bonuses - can be spread evenly across the contract's duration. Hill was previously scheduled to have a $10.72-million base salary in 2021, which couldn't be spread across multiple seasons for cap purposes.

The Saints entered the offseason with the most salary-cap debt in the NFL and have made a flurry of moves recently to shed most of the excess payroll. New Orleans has been a strong proponent of voidable contracts, which help teams lower cap hits by creating extra years to spread signing bonuses over.

Since the Hill extension voids after 2021, the quarterback will remain on track to become a free agent in 2022.

By spreading his signing bonus across void years, the Saints will incur a $7.536-million cap charge from Hill in 2022, even if he isn't on the roster. The dead money comes from the remaining portions of his signing bonus, which will accelerate into one year when the contract voids.

Hill has a chance to become the Saints' full-time quarterback in 2021, as Drew Brees announced his retirement Sunday after 15 seasons in New Orleans and two decades in the NFL.