Each of the four years on Hill's contract are voidable, with the extension saving New Orleans $7.5 million in 2021.
The Saints signed quarterback Taysom Hill to a four-year, $140 million contract extension on Sunday, according to ESPN's Adam Schefter.
It's unlikely Hill sees anywhere close to the reported $140 million on his new deal. All four years of Hill's extension are voidable, allowing the Saints to release Hill or restructure his contract once again without any penalty in the salary cap. The move will save New Orleans $7.5 million this season as the team faces a salary-cap crunch, per Schefter.
Either Hill or Jameis Winston could serve as New Orleans's starting quarterback in 2021 after Drew Brees announced his decision to retire on Sunday. Winston is currently a free agent, though Saints head coach Sean Payton noted his desire to bring back Winston last week.
Hill logged four starts for the Saints in 2020, posting a 3–1 record. He threw for 928 yards and four touchdowns, adding an additional eight scores on the ground.
The Saints have reached the playoffs in each of the last four seasons. The 2021 season will mark the franchise's first year without Brees under center since 2005.