Friday has seen each of the Saints’ first round picks from this past draft sign their rookie contracts. New Orleans has reached an agreement with both receiver Chris Olave and offensive tackle Trevor Penning. 
As ESPN’s Adam Schefter details (on Twitter), the deal for Olave is worth just over $19.27MM. The Ohio State alum put up consistent production over the course of his four seasons there. He was the team’s leading receiver in 2019 and 2020, but his best individual season came this past campaign.
Over the course of 11 games, Olave totalled 65 catches for 936 yards and 13 touchdowns. While those figures were eclipsed by 10th overall pick Garrett Wilson and phenom sophomore Jaxon Smith-Njigba, they represented his ability to produce despite a heated competition for targets. Given the Saints’ lack of receiving options, Olave was named as a candidate for the team to consider, so there was little surprise when the team traded up to select him at No. 11.
Penning, meanwhile, had already agreed to terms on his rookie contract before the Olave deal was announced (Twitter link via NFL Network’s Ian Rapoport). The Northern Iowa blocker showcased an appealing combination of size, length and athleticism throughout his time there, earning stellar PFF grades along the way. He held up against higher-quality competition at the Senior Bowl, confirming his status as a first-rounder. Predictably going later than Evan Neal, Ikem Ekwonu and Charles Cross, Penning was the fourth tackle off the board, landing at 19th overall.
Given the concerns related to his level of competition, as well as discipline, the six-foot-seven, 325-pounder might not be able to occupy the left tackle spot vacated by Terron Armstead right away. He is nevertheless viewed as a candidate to do so at least down the road, which would make him, like Olave, a pick aimed at filling glaring roster holes on Day 1. Penning will earn $14.1MM on his pact, per Pro Football Network’s Aaron Wilson (Twitter link).
So all told, to get Olave and Penning (and DT Jordan Jackson, pick 194), the Saints spent:
-Picks 18, 98, 101, 120, and 237 in the 2022 Draft.
-1st round pick in the 2023 Draft
-2nd round pick in the 2024 Draft
I like Olave a lot, and could see Penning being very good, though I think he’ll be a penalty machine early on, but wow that’s a hefty bill for non-QBs.
An overpay in Draft capital due to cap restrictions.
Cap restrictions should make them want more draft picks, not fewer, but they sure love betting big on their specific evals.
I agree it was lopsided deals against the Saints. I’m guessing they’re counting on recouping some picks from a Peyton trade next off season?
The team comes across that they are undecided on whether to rebuild or compete this year.
Hadn’t considered the Payton thought. That would be interesting to see. It’s been a while since a coach “trade.” They have a fairly strong roster in a division with one good team in a weakened conference, but it’s awfully aggressive for a team that lost its coach and has Jameis at QB.