The Saints have converted roughly $1.2MM of Tre’Quan Smith’s base salary into a signing bonus (Twitter link via Field Yates of ESPN.com). The maneuver will also tack four void years on to his deal, though it’ll provide the Saints with an extra $954K in cap space. 
The Saints have yet to see Smith on the field this year thanks to a hamstring injury. The fourth-year wideout could debut as soon as Week 4, but there’s no word yet on his status. Smith was dogged by the hammy for much of the summer — he tried to come back from it prematurely a couple of times but ultimately had to rest it. The Saints hope to have him back in the fold some time after his short-term IR stint is through.
Smith, a former third-round pick, has a chance to break out while Michael Thomas heals up from offseason ankle surgery. Thomas will be out for the first six games, at minimum, since he’s on the PUP list.
Last year, Smith was enjoying a career year up until he was sidelined by his own ankle issue. In 14 games (10 starts), the 25-year-old hauled in 34 receptions for 448 yards and four scores. Since his new void years are only for cap purposes, he remains on course for free agency in the spring.
I know the Saints are tight on cap space, but this move smells either of desperation or boredom.