Joining his hometown team in 2022, Tyrann Mathieu will play a fourth season with the team. He has agreed to reworked contract, NewOrleans.football’s Nick Underhill reports. The veteran safety will be tied to a one-year, $7.2MM deal that includes incentives, Underhill adds.
The Saints are reducing Mathieu’s 2025 base salary from $6.25MM to $3.5MM, Underhill indicates. Incentives could allow the 13th-year veteran to make money back. If Mathieu plays at least 50% of the Saints’ defensive snaps next season, he will see that base climb to $4MM. Escalators between $4.5MM and $7.25MM are in place as well, Underhill adds. If Mathieu hits a 90% snap share in 2025, he would make more than he would have previously. This move will lower Mathieu’s $11.3MM 2025 cap number.
Mathieu, 32, stands to have a good chance to make money back. He has played at least 86% of the Saints’ defensive snaps in each of his three seasons with the club. He played 100% of them in 2022 and 99% in ’23. The former All-Pro’s contract is still on track to void after the 2025 season.
Mathieu’s agreement follows another batch of Saints restructures, which are commonplace as the team continues its brand of cap manipulation. New Orleans has also adjusted the deals of Cesar Ruiz, Carl Granderson and Khalen Saunders, according to OverTheCap’s Jason Fitzgerald, who adds the trio of restructures saves the Saints $13.7MM in cap space.
New Orleans has also restructured the contracts of Pete Werner and Demario Davis, per NewOrleans.football’s Mike Triplett and ESPN.com’s Katherine Terrell. Werner’s adjustment will create an additional $2.5MM in space. These moves also come after Ryan Ramczyk‘s restructure, a move that saved $16MM and likely will precede retirement.
The team is also expected to restructure Erik McCoy‘s deal, Underhill notes. A move that frees up $6.69MM in cap space is anticipated for McCoy, who is signed through 2027. As for Mathieu, it looks like his deal will be pushed through the 2026 season. His 2024 agreement tied him to the Saints through 2025, though customary void years were already present in the deal.
The Saints had resided more than $45MM over the cap recently, but they have completed more arduous journeys to reach cap compliance. Teams have until 3pm CT Wednesday — when the 2025 league year officially starts — move under the cap. OverTheCap presently lists the Saints as making another successful journey, placing them at just more than $20MM in cap room. They just take strange routes to get there.
Carr’s adjustment set to make a 2026 separation much more difficult, as $59.67MM in dead money (which would presumably be spread over two years via a post-June 1 release designation) will come in the event the middling QB is cut next year. The Saints are keeping Carr for 2025; the restructure ensures that. Questions about the Mickey Loomis operation’s increasingly complex blueprint will persist, as the Saints have not come close to escaping the NFL’s middle class since Drew Brees‘ retirement. It appears a similar plan will be in place for 2025. While hiring Kellen Moore represents a significant change, he will be working with a similar roster plan to the past few Saints efforts.
