Tyrann Mathieu was already on the books for 2024, but he will now have a new deal in place. The All-Pro safety has agreed to a two-year pact with the Saints, as first reported by Nick Underhill of NewOrleans.Football.
This agreement has a value of $13MM, CBS Sports’ Josina Anderson adds. Mathieu was owed $9MM in 2024 on his previous pact, with a scheduled cap hit of just over $12MM. New Orleans could have moved on via his release, but that route would have produced negligible cap savings. Instead, the 31-year-old will remain in place for a third and fourth Saints campaign. Underhill notes the new deal will lower the 2024 cap number to roughly $5.5MM. On this extension, Underhill adds $10MM is guaranteed.
Mathieu originally joined the Saints on a three-year, $33MM deal following the end of his Chiefs tenure. Kansas City did not offer a new contract at the time, leaving the LSU alum free to join his hometown team. He has remained a full-time starter over the past two seasons, racking up seven interceptions and 17 pass deflections during that span.
The Saints have again been active in restructuring contracts to move toward cap compliance this offseason. Earlier this afternoon, the team was more than $17MM over the cap. Teams have until 3pm CT on March 13, when the 2024 league year begins, to move under the $255.4MM salary ceiling. The Saints have faced greater challenges than this year’s on the cap front, moving down from more than $100MM over back in 2021. Mickey Loomis‘ team continues to grind away, and this Mathieu accord represents another step.
With Marcus Maye in and out of the lineup due to injuries and a suspension, Mathieu’s presence has been more important for a Saints team still trying to find its footing post-Drew Brees. Even in Year 11, Mathieu remains one of the league’s better back-line presences. Pro Football Focus ranked the safety and experienced slot stopper 10th at his position last season. The Honey Badger intercepted four passes, notching 122 return yards and a touchdown, and broke up nine more in his second Saints slate. Mathieu notched a pick-six in the Saints’ 34-0 win over the Patriots.
Maye could not stay healthy in New Orleans, which will lead to his exit as a post-June 1 cut, but Mathieu — a two-time Super Bowl starter — has not missed a game since signing with the team in May 2022. He joins Cameron Jordan, Demario Davis and Marshon Lattimore as Saints defensive pillars. Lattimore, however, has been the subject of trade rumors. Thursday’s agreement at least provides some secondary stability for the NFC South team, ensuring Mathieu will stay put.