Here's the July 16 franchise tag deadline rule via NFL spokesman Greg Aiello as a reminder of what the deadline means for Drew Brees and his aspirations for a long-term contract: "The rule is that July 16 is the deadline (4 p.m. ET) for any club that designated a Franchise Player to sign such player to a multi-year contract or extension. After that date, the player may sign only a one-year contract with his old club for the 2012 season and such contract cannot be extended until after the club’s last regular-season game." This also means the monetary value of the one-year deal would be determined between the team and the player and wouldn't necessarily have to be the amount of the franchise-tag tender.