Report: Saints Restructure Contract of WR Michael Thomas

According to reports, New Orleans has renegotiated the contract of record-breaking WR Michael Thomas. Could this set the stage for a departure between Thomas and the Saints?

Author:
Bob Rose
Publish date:
Jan 7, 2023 12:21 PM EST

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New Orleans Saints

ESPN Insider Field Yates reports that the New Orleans Saints have restructured the contract of WR Michael Thomas. The reworked deal includes a $903K roster bonus this week. It may set the stage for a possible roster decision on Thomas early this offseason, according to Yates and other sources.

Thomas is under contract through the 2024 season on a five-year contract worth a reported $100 million signed in 2019. He restructured the contract last offseason to reduce his 2022 base salary to save cap space. However, it also set up a 2023 roster bonus of nearly $32 million that would kick in at the beginning of the NFL new year in March if Thomas were still with New Orleans.

Sep 11, 2022; New Orleans Saints wide receiver Michael Thomas (13) catches a pass over Atlanta Falcons cornerback A.J. Terrell (24). Mandatory Credit: Brett Davis-USA TODAY Sports

This renegotiation sets the stage for the Saints to move on from Thomas at the end of the year with a significantly reduced cap hit. Thomas could now realistically be traded or designated as a post-June 1 release, but free to negotiate with other teams at the start of free agency in March.

Thomas, who turns 30 on March 3, was a second-round choice in the 2016 NFL Draft out of Ohio State. He had at least 92 receptions and 1,100 yards in each of his first four years, with increasing totals each season. In 2019, he led the league with 1,725 yards and an NFL-record 149 receptions.

Thomas suffered a severe ankle injury in the 2020 season opener. The injury limited him to just seven games and cause him to have surgery after the season. Complications from that surgery sidelined him for the entire 2021 campaign. Thomas returned this year and had 16 catches for 171 yards in the first three games before being lost for the year with a foot injury.

After missing only one of 69 games over his first four seasons, Thomas has appeared in just nine of the Saints last 50 contests. This renegotiated contract doesn't necessarily guarantee a departure of Michael Thomas from the Saints, but makes a potential split easier with less salary cap implications.