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Per a source with knowledge of the situation, an agreement still has not been reached between the Saints and Brees on a contract extension. The Saints want to get it done, but the financial divide remains too wide.

The two sides remain expected to pull the plug on talks at some point in the near future, for fear of the situation becoming a perceived distraction, especially if the Saints struggle on the field.

The absence of a new contract keeps the injury risk on Brees — but it also drives his leverage higher as he gets closer and closer to completing the contract. For now, he’s negotiating from a final-year base salary of just under $10 million. If the Saints are forced to use the franchise tag on Brees, his starting point will be a one-year deal that likely will be worth $17 million or more in 2012.

Still no deal for Drew Brees | ProFootballTalk

"A Veteran is someone who, at one point in his life, wrote a blank check made payable to "The United States of America" for an amount of "up to and including my life."