Payton is free to rejoin the team after his suspension for the entire 2012 season for league violations, and can attend any post-season college all-star games, including this week's Senior Bowl in Mobile, Ala., The (New Orleans) Times-Picayune reported.
Payton "pledged to uphold the highest standards of the NFL and ensure that his staff and players do so as well," NFL Commissioner Roger Goodell said in a statement.
Goodell and Payton met Monday, and both parties were satisfied by the outcome, the newspaper said.
"I clearly recognize that mistakes were made, which led to league violations. I have assured the Commissioner a more diligent protocol will be followed," Payton said Tuesday in a statement released by the Saints.
The league suspended Payton and several other Saints coaches and players after determining the team operated a bounty system in which players were paid bonuses for inflicting injuries on opposing players.
The Saints announced this month they had signed Payton to a new five-year contract.