Hey remember when Marques Colston was the top receiver heading into free agency? Ahhh, memories…

Glazer had the original scoopage. For those who can’t decipher industry parlance, that means Glazer was “first!!!1″ and he gets a medal of some kind.

Those who were second, third, and sixth followed his report with further information, including a contract value. Colston will be paid $40 million, with nearly half of that ($19 million) guaranteed, according to ESPN’s Adam Schefter. That’s an annual value of roughly $8 million, and as of Sunday the Saints had only $5.2 million in salary cap space, but that gap can always be bridged through contract restructuring wizardry.

The Saints have now retained a crucial piece of their passing attack, and specifically their deep game. Colston caught 15 passes for 20 yards or more this past season, and he’s the ideal complement to Jimmy Graham.

For Colston the contract is a no-brainer, but there’s a significant risk for the Saints with the guaranteed money they’re handing over. Colston isn’t old yet, but he’ll be 29 by the time next season starts, and that’s not young either. He’s already had microfracture surgery on both knees, and since 2008 he’s missed eight games.

There’s still the small matter of signing Drew Brees to a long-term deal after he was franchised. And the Saints may have now secured one of his primary targets, but in doing so they’ve sealed the departure of Carl Nicks, and likely Robert Meachem too.