One of the league’s restructure bastions, the Saints went to this well with Michael Thomas‘ previous contract on a few occasions. A 2023 reworking looked to point Thomas to free agency, but the former All-Pro re-signed to stay in New Orleans.
Thomas agreed to terms on a one-year, $10MM deal that comes with $6.26MM fully guaranteed. Void years spread out Thomas’ cap hit through 2027 while providing a steep 2024 penalty ($18.2MM in dead money) if the contract is not adjusted before the ’24 league year. While the 30-year-old pass catcher once signed a monster extension that made him the league’s second-highest-paid receiver, a spree of injuries during the 2020s have thrown his career off course.
For his part, Thomas said he did not make a genuine effort to leave New Orleans this offseason, Mike Triplett of NewOrleans.football notes (on Twitter). Describing the contract talk as “fluff,” the league’s single-season reception record holder said he has a great relationship with the organization. Thomas’ 2021 could have irrevocably altered this relationship, as a disagreement regarding his recovery timetable from a 2020 ankle injury preceded him missing all of that season. Thomas then missed 14 games in 2022, running his absence count to 40 during the 2020s.
The Saints included incentives in Thomas’ latest agreement, escalators that could bump the contract to $15MM in total. While Thomas’ 2010s version would be positioned to cash in, the developments since do not indicate a strong likelihood he will add to his new deal. There are $750K in incentives tied to receptions and another $750K tethered to receiving yards. The three-tiered receptions structure begins at 100, per NewOrleans.football’s Nick Underhill (on Twitter), including $250K bonuses for 100, 110 and 120 catches. For receiving yardage, Thomas can collect $250K bonuses at 1,000, 1,150 and 1,300.
Thomas earned his initial Saints extension — a five-year, $96.25MM pact agreed to during the 2019 offseason — on the back of consecutive first-team All-Pro honors. He led the NFL in receptions in 2018 (125) and 2019 (a record-setting 149) but only reached 40 in a seven-game 2020 slate. After four straight 1,100-plus-yard seasons to start his career, the former second-round pick has not topped 450 in a season since. The Saints have also placed a $250K bonus at the seven-touchdown barrier and another $250K bump if Thomas earns original-ballot Pro Bowl Games entry, which will only vest if the Saints make the playoffs. The other $2.5MM in incentives are even less likely to be earned, as they are tied to top-tier achievements (first-team All-Pro, Offensive Player of the Year, Super Bowl MVP) or honors never before attained by a wideout (NFL MVP).
Although the Saints were connected to trading up for a wide receiver — believed to be USC’s Jordan Addison — in the first round, they left the draft with only sixth-rounder A.T. Perry in their class. The team has not re-signed Jarvis Landry and will count on speedy second-year UDFA Rashid Shaheed taking another step alongside Chris Olave. New Orleans also has vets Bryan Edwards, Tre’Quan Smith, James Washington, Keke Coutee and Lynn Bowden rostered. But Thomas represents a key part of their receiver plan. While Thomas did not participate in New Orleans’ offseason program for a third straight year — this time due to rehab from toe surgery — he is on track to give it another go in training camp.