If you include the bonus conversions that Loomis always writes into his contracts and the probable annual extension to Brees' contract the total free cap space can approach the $50 million range.

I thought Brees said he's going to go year by year and wasn't going to sign an extension until after he's played out his current contract.

I haven't seen that anywhere about not doing anything until playing out his contract. Payton said he is committed to staying in New Orleans through the end of HIS contract, at least. The only thing Brees has said is, "I'll be here as long as they'll have me."

I haven't seen that anywhere about not doing anything until playing out his contract. Payton said he is committed to staying in New Orleans through the end of HIS contract, at least. The only thing Brees has said is, "I'll be here as long as they'll have me."

Drew Brees planning to play out final year of contract in 2017 | NOLA.com

I wouldn't post it if I didn't read it or see it somewhere.

Drew Brees not planning to push for contract extension this time around - New Orleans Saints Blog- ESPN

“I signed a one-year extension ... so I plan on playing that out and just allowing things to take form and take shape here for next year and putting forth my absolute best effort to help us win a division championship and then a world championship and then again, just one year at a time,” Brees said. “And that’s not a lack of commitment or anything like that. I just want to focus on what’s right in front of me.”

I had missed that entirely. Not much mentioned about it elsewhere. Although, if for some reason cap space is needed, some could be realized from an extension. But, his $24 million hit in 2016 isn't that bad compared to his value.