Michael Thomas, in all likelihood, is staying put. The star wide receiver has agreed to a restructure that will save the Saints $8.7MM in cap space (Twitter link via NFL.com’s Ian Rapoport). 

The Saints have been restructuring players left and right as they work to get under the ~$182MM salary cap. In recent days, safety Malcolm Jenkins, defensive end Cam Jordan, linebacker Demario Davis, and guard Andrus Peat have done their part by agreeing to similar arrangements. Others, like cornerback Janoris Jenkins and wide receiver Emmanuel Sanders, were released outright. It’s not clear if those vets were approached about potential pay cuts first.

Entering 2020, Thomas had missed just two contests in his pro career. Then, Thomas suffered a high ankle sprain in Week 1. He was limited to just seven games in 2020. He repeatedly clashed Saints brass, leading to trade speculation before the fall deadline.

To recap: The Saints handed Thomas a one-game suspension for striking a teammate. Then, he missed time with a hamstring injury. All in all, Thomas finished out the regular season with just 40 catches for 438 yards. He did manage to catch five passes for 73 yards and one score in the Saints’ playoff win over the Bears, however.

The Saints would have to be especially miserable with Thomas in order to cut ties. His massive five-year, $100MM extension from 2019 means that a divorce would be mighty expensive. Instead, they’ll try to mend fences, because Thomas is one of the game’s most dangerous threats when he’s healthy.

While Drew Brees will be back for the Saints this week, he will not have his top target available. The Saints have ruled Michael Thomas out for their Week 15 game against the Chiefs.

The first half of Thomas’ season wound up marred by multiple injuries and a team-imposed suspension, but the All-Pro wide receiver returned in Week 9 and has not missed time since. More ankle trouble, however, will keep the fifth-year star on the sidelines Sunday.

Thomas did not practice this week. He entered this season as one of the NFL’s most dependable wideouts, having missed just two games in four years. Taysom Hill targeted Thomas frequently during his four starts, with two of those producing 100-plus-yard games. Last week, Thomas caught eight passes for 84 yards. He will enter the Saints’ Christmas game — should he be cleared to return by next week — without a touchdown reception.

This is a clear blow for a Saints team that is a rare home underdog against the 12-1 Chiefs. The 10-3 Saints losing Sunday would likely prevent them from securing the NFC’s bye. New Orleans, however, won four straight games without Thomas earlier this year — and two of those victories came with Emmanuel Sanders out as well — but the Chiefs are a tougher beat than any team the Saints have defeated this season.

Depending on who you ask, the Saints might be willing to trade Michael Thomas before the deadline. The wide receiver’s camp is working to find potential deals but, so far, the Saints have yet to receive a concrete offer for the superstar, according to PFT’s Mike Florio.

[RELATED: Saints Deny Thomas Trade Talk]

Thomas’ talent is undeniable, but his contract stands as a major hurdle. A Thomas trade would lead to a $20MM cap charge in 2021, a hit that would be compounded by Drew Brees‘ potential $22.65MM hit. If Thomas gets traded and Brees retires, the Saints would be left with $42.65MM in dead money for two players that are not on the roster.

Thomas inked a massive five-year, $100MM extension in July of 2019 that made him the highest-paid receiver of all time. Lately, he’s been at odds with the team, including a Week 5 benching for an altercation with teammate Chauncey Gardner-Johnson during practice. He’s also been limited due to injuries, including a high ankle sprain and a hamstring issue.

All in all, Thomas has appeared in just one game for New Orleans this year, giving him a stat line of three catches for 17 yards. There’s still reason to believe that Thomas can duplicate last year’s production, though he won’t match the stat line. In 2019, Thomas finished with a single-season-record of 149 receptions to go along 1,725 receiving yards and nine touchdowns.

Could an unexpected name be on the move before the November 3rd trade deadline? Mike Florio of ProFootballTalk.com writes that the Saints “could be willing to move” wideout Michael Thomas. Florio notes that the feeling may also be shared by Thomas, who “could be interested in moving.”

For starters, there are some massive financial hurdles to consider from New Orleans’ side. As Florio details, a Thomas trade would lead to a $20MM cap charge in 2021, and couple that without a potential Drew Brees retirement/$22.65MM charge, the Saints could be eyeing $42.65MM in cap charges for two players who aren’t on their team. Thomas inked a massive five-year, $100MM extension in July of 2019 that made him the highest-paid receiver of all time. The contract was slightly restructured back in March.

Of course, those difficulties would be reflected in the hypothetical trade haul the Saints receive; as Florio notes, those financial complications don’t make a trade impossible. After all, the Saints would only accept an offer they couldn’t refuse for the star receiver, and the impending picks in a trade would somewhat make up for the pricey cap charges.

The fact that the Saints would even listen to offers is a bit telling, especially since Thomas appears to be on thin ice in New Orleans. He was benched in Week 5 (and fined a game check) after punching Chauncey Gardner-Johnson during a fight at practice. Thomas has also been limited to only one game after suffering a high ankle sprain, and a new hamstring injury will sideline him for this weekend’s game against the Panthers.

Of course, few suitors would put too much stock into his current production (three receptions, 17 yards). Instead, they’ll look at his incredible 2019 campaign where he finished with a single-season-record 149 receptions to go along 1725 receiving yards and nine touchdowns.