The team is locked down until at least 2010 with this latest option not being exercised. It's been an after thought since Katrina, but Benson had all but moved them to LA before that Hurricane. That would have been a tragidy, I am glad N.O. is keeping the Saints, they are some of the most loyal (and crazy) fans in the league.
ESPN.com - NFL - Update to deal keeps Saints in Big Easy until 2010