The Saints and Michael Thomas are “close” to getting a deal done, Mike Florio of PFT hears. It’s still not a done deal, but Florio expects a five-year extension worth either $19MM or $20MM per season. 

There might not be much left to debate in terms of overall value, but as with any NFL deal, the two sides are probably still haggling over guarantees, bonuses, and the all-important cash flow. In the interim, Thomas will reportedly continue to stay away from training camp.

At one point in time, Thomas was reportedly pushing for $22MM per year, which would have blown the contracts of Odell Beckham Jr. and Antonio Brown out of the water. Thomas’ reduced ask should be more palatable for the Saints, who are still in a tricky cap situation thanks in large part to Drew Brees‘ contract.

Still only 26, Thomas is one of the best young wide receivers in the NFL. Last year, he led the league with 125 catches while recording 1,405 receiving yards and nine touchdowns.

Reportedly, fellow NFC South star Julio Jones is also on the cusp of a new extension. His brand new deal with the Falcons could become official before the end of business on Friday.

Michael Thomas has not arrived at Saints training camp and won’t attend until the two sides agree on a new deal, according to Mike Garafolo and Ian Rapoport of NFL.com (Twitter link). It’s a surprising stance from the wide receiver, particularly since he is an enthusiastic player in scrimmage. 

The Saints and Thomas also seem to be rather close on terms. Last month, Thomas lowered his demand to $22MM/year. Then, this week, we learned that the Saints offered him something with an average annual value of $18-$19MM. Still, he’s looking to push the pace and is willing to potentially absorb fines in order to get the deal that he wants.

The former second-round pick leads the league in receptions (321) over the past three seasons and ranks fifth in yards (3,787) since the start of the 2016 season. Thomas’ 1,405 receiving yards last season broke the Saints’ single-season record.

For now, the 26-year-old Thomas is slated for free agency after the final year of his rookie contract. Without a new deal, he’ll earn just $1.148MM in 2019.

Michael Thomas sought $22MM per year on a Saints extension, and this was a reduced demand, last month. The Saints appear to prefer their top wideout end up just shy of $20MM AAV.

The Saints, though, may be moving up gradually. Their latest offer came in between $18-$19MM AAV, Charles Robinson of Yahoo.com reports (on Twitter). This is consistent with what the team was offering in June, only they did not look to be close to a $19MM average at that point.

Odell Beckham Jr.‘s $18MM-AAV pact remains the league’s standard, but Julio Jones is expected to eclipse that soon. Thomas, 26, is lurking as a possible candidate to then surpass Jones as the NFL’s highest-paid wideout. A deal worth $20MM AAV, with certain structure and guarantees, would likely be enough to convince Thomas to sign, Robinson adds.

Beckham and Mike Evans pace the receiver market in total and full guarantees, with the former’s figures at $40.9MM and $65MM, respectively. Of course, Jones is almost certainly pushing to land atop both lists. Being four years younger than Jones, Thomas may be as well. The Saints and Thomas have been negotiating for more than a month. One season remains on Thomas’ rookie contract.

The former second-round pick leads the league in receptions (321) over the past three seasons and ranks fifth in yards (3,787) since the start of the 2016 season. Thomas’ 1,405 receiving yards last season broke the Saints’ single-season record.

The Saints and Michael Thomas seem to be making some progress on contract talks, as Jeff Duncan of The Times-Picayune tweets. Thomas’ camp has lowered its asking price to $22MM/year, though they remain about $4MM apart in terms of average annual value. Nothing is imminent, as Thomas is currently on vacation in Europe.

Already, the Saints are willing to go to $18MM/year, which would match Odell Beckham Jr.’s average annual value. If the two sides meet in the middle and split the difference, Thomas will be the league’s highest-paid wide receiver in terms of new money AAV, though a forthcoming extension for Julio Jones could knock him down a notch.

Thomas, who leads the league in receptions (321) over the past three seasons and ranks fifth in yards (3,787) since the start of the 2016 season, is likely looking to be the NFL’s highest-paid receiver in every major contract category, which would include AAV, total value, total guarantees, and full guarantees. It’s a safe bet that he’ll check most of those boxes after notching a league-leading 125 catches, a career-high 1,405 yards, and a career-high matching nine touchdowns.

Thomas’ effort landed him a First-Team All-Pro nod in 2018 and at the age of 26, he’s just getting warmed up.

The Saints and Michael Thomas are far apart in contract talks and no extension is imminent, according to Jeff Duncan of NOLA.com (on Twitter). Still, the two sides remain motivated to get a deal done and hope to have one in place by the start of training camp. 

This news somewhat conflicts with what we heard earlier this week. The two sides seemed to be in a good place, especially since the Saints are reportedly comfortable with making Thomas the highest-paid wide receiver in the NFL.

For one reason or another, the two sides have hit a snag. It’s possible that the Saints have offered to make Thomas the highest-paid wideout by certain metrics such as average annual value, but his guarantees might not be on par with that of Odell Beckham Jr., who leads the way with $65MM in total guarantees and a whopping $41MM guaranteed at signing. Thomas, who leads the league in receptions (321) over the past three seasons and ranks fifth in yards (3,787) since the start of the ’16 campaign, is likely seeking to be the new leader across every major category.

Thomas recently signed with agent Andrew Kessler after cutting ties with David Mulugheta in November. a sign that he is not content with simply cracking the top five at the position. The Saints may want to get something done with Thomas sooner rather than later, because his asking price could inch up if the rival Falcons sign Julio Jones to a multi-year extension first.

A day after Mickey Loomis revealed extension conversations between the Saints and Michael Thomas had occurred, this topic is gaining steam.

Not only are the sides moving closer to a deal, but ESPN.com’s Dianna Russini reports (on Twitter) the Saints are comfortable making their top receiver the NFL’s highest-paid wideout. More than a month remains before the Saints report for training camp, and Russini adds (via Twitter) the deal is expected to be completed by that point.

Thomas’ age and numbers will set a high price tag, and due to being a second-round pick, the 26-year-old target is entering his contract year. The Saints also figure to have a clearer picture of what it will cost for them to lock up Thomas. The Falcons began Julio Jones re-up talks months ago. Those discussions ending with Jones almost certainly becoming the highest-paid wideout will raise the bar for Thomas, who has changed representation multiple times since coming into the league.

The Saints have not committed this kind of money to a wide receiver, with Jimmy Graham‘s $10MM-per-year 2014 contract representing the organization’s high-water contract given to a skill-position talent. The team is, however, comfortable with high-end receiver money. New Orleans retained Marques Colston on a five-year, $40MM deal in 2012 — his third contract with the team — and that accord came under a $120MM salary cap. Its biggest investment in a wideout occurred in 2005, via a five-year Joe Horn extension worth around $42MM (when the cap resided at $85.5MM). Saints GM since 2002, Loomis finalized both deals.

But more recently, the team passed on authorizing extensions for Kenny Stills or Brandin Cooks, trading both. Thomas has outproduced both Stills and Cooks during his three-year career and, albeit in a friendlier environment for receiving success, broke Horn’s 14-year-old franchise record for single-season receiving yardage last year.

The No. 47 pick in the 2016 draft, Thomas leads the league in receptions (321) over the past three seasons and ranks fifth in yards (3,787) since the start of the ’16 campaign. He posted 1,405 yards last season, en route to All-Pro acclaim, and holds the only two 100-plus-reception slates in the Saints’ 52-year run. The Saints hold just more than $8MM in cap space but appear ready to lock up Thomas.

A major domino in the wide receiver market will be Michael Thomas‘ second NFL contract. The Saints are in the early stages of working on that.

Saints GM Mickey Loomis confirmed, during a radio interview with Adam Schein of Mad Dog Sports Radio (audio link), the team and Thomas have engaged in discussions on his next deal. Loomis declined to get into how substantive the talks have been or whether they are ongoing, but this is a positive step for the Saints and their top wideout.

“We’ve had some conversations,” Loomis said. “We love what Mike’s done for us. He’s a fantastic player, one of the best in the league. Hopefully we can keep him a Saint for a long time.”

This is a pivotal stretch for the parties. Since Thomas was a second-round pick in 2016, he does not have the fifth-year option luxury most of his high-end receiver peers did. This represents the 26-year-old target’s contract year. Thomas is set to make just $1.15MM in base salary this season.

Considering his age and production history, Thomas can be expected to either become the NFL’s highest-paid receiver — perhaps after the Saints gain more information via their top rivals’ seemingly imminent Julio Jones deal — or close to it. Thomas has changed agents multiple times and hired his latest representation in February, so this likely represents the first of a few developments on this particular extension front.

Currently, Odell Beckham‘s $18MM-per-year agreement tops the league in terms of average annual value and fully guaranteed money ($40.9MM). Although Beckham came into the league two years before Thomas, he is only four months older. Thomas does, however, have one All-Pro showing to Beckham’s zero. Both are three years younger than Jones.

Thomas leads the league in receptions (321) over the past three seasons and ranks fifth in yards (3,787) since the start of the 2016 season. His 1,405 yards last season set a new Saints single-season record; he holds the only two 100-plus-reception seasons in the Saints’ 52-year history. The Saints hold just more than $8MM in cap space, which, per usual for this franchise, is near the bottom of the league.

Saints wide receiver Michael Thomas has signed with agent Andrew Kessler of Athletes First, according to Josh Katzenstein. Thomas was without representation since November of 2018 when he cut ties with David Mulugheta. 

His dropping of Mulugheta in November raised eyebrows since Thomas is in line for a big extension this offseason. However, he has an agent once again with talks about to get underway.

Thomas, 26 in March, topped 1,100 yards receiving in each of his first two campaigns. In 2018, he exploded for a league-leading 125 catches and a career-high 1,405 yards, plus nine touchdowns. The Saints have the former second-round pick under contract through 2019, but there’s no question that both sides would prefer a long-term deal. It’s also clear that the Saints will have to come to the table with a deal that is near the top of the wide receiver market.

Currently, Odell Beckham Jr. leads all wide receivers with deal worth $90MM overall, $18MM in average annual value, and a $40.959MM total guarantee. Antonio Brown ranks second in AAV with $17MM/year and Mike Evans is the closest in total value with $82.5MM.