According to the NFL Networks' Ian Rapoport, the Saints were the only team to offer Peterson a formal contract despite visits to other teams.
"We are excited to welcome Adrian to the New Orleans Saints", said Head Coach Sean Payton.
The 2018 compensation is $3.5 million, none of which is guaranteed. If Peterson is with the Saints, he will make $2.4 million in a roster bonus that includes $750,000 guaranteed on the third day of free agency plus $1.65 million per game, $1.05 million in salary and a $50,000 workout bonus.
The NFL announced Tuesday morning that Adrian Peterson will play for the New Orleans Saints.
Replacing AP will be 27 year old Latavius Murray.
Peterson figures to be slotted behind Mark Ingram on the depth chart, but the Saints split carries between Ingram and Tim Hightower - a 30-year-old journeyman running back who signed with 49ers this offseason - last season.
Running back Adrian Peterson #28 of the Minnesota Vikings runs with the footbal prior to the National Football League game against the Arizona Cardinals at University of Phoenix Stadium on December 10, 2015 in Glendale, Arizona.
It ends a long process for Peterson after the Vikings declined to pick up his $18 million option at the end of last season and was officially released in March. Teams with serious needs at running back could have taken any one of the top backs in the draft and found little reason to sign a veteran back looking for a bigger role.
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He's going for his legacy, he wants his title back and it's an fantastic opportunity for me. However, his father Robert, will be among the 90,000 at the stadium on Saturday.
The maximum Peterson could receive with incentives is $8.25 million. Ingram, 27, has battled injuries since he was drafted in the first round in 2011, with last season marking only the second time he's appeared in all 16 games. However, he has proven his value on a few times in recent years.
The pro-bowler averaged almost 1,000 yards and nine touchdowns the last two seasons.
Again, it is nearly impossible to predict what to expect from Peterson or the Saints this season because nobody knows if Peterson will play 16 games, and nobody knows if rookies will be any good or if any trades are going to be made.
One of the Minnesota Vikings most popular players has signed with a new team.
What can be expected out of the Saints in this upcoming season?
In four career games against Carolina, Peterson has only produced 257 rushing yards and averaged a mediocre 4.36 yards per carry. Best case scenario for New Orleans is that Peterson will be a change of pace back who can help them get those extra yards on 3rd and one and finish off drives at the goal line for the Saints. This year's crop of new players is loaded with depth at the running back position.
The Saints went 7-9 a year ago and I'm not even sure how he fits in with the team.
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