Michael Thomas will return to New Orleans in 2023.
According to multiple reports, the former Ohio State wide receiver and two-time All-Pro has agreed to a one-year contract with the Saints worth $10 million that could be worth up to $15 million with incentives.
Saints restructured Michael Thomas contract, reaching agreement on a one-year, $10 million deal that has a max value of $15 million, per source. Thomas staying in New Orleans. pic.twitter.com/BcfB5nQCvz
— Adam Schefter (@AdamSchefter) March 14, 2023
Thomas' contract restructure comes after weeks of discussion with the Saints, who were set to owe him $31 million as a roster bonus if he were still under his previous contract as of Friday. While his cap hit for the 2023 season was only $13.56 million, that would have jumped to more than $59 million in 2024, which would have led to his release from the Saints if he did not agree to a new contract this week.
Restructures have been a familiar discussion between Thomas and the Saints in recent seasons. After collecting an NFL-best 125 receptions for 1,405 yards and nine touchdowns in 2018, Thomas signed a five-year, $100 million contract extension with New Orleans. He immediately repaid the Saints with an NFL-record 129 catches for 1,725 yards and nine touchdowns in 2019 and the contract looked as if it was destined to pay off.
However, in Week 1 of the 2020 season, Thomas suffered a high ankle sprain against Tampa Bay – an injury that kicked off a long list of ailments, including ankle and foot surgeries, which have limited the star receiver to only 10 games over the past three seasons.
With Thomas' limited availability, he and the Saints renegotiated the $100 million contract four times from 2020-22, including several conversions of Thomas' base salary into signing bonuses as the franchise made efforts to clear cap space to sign other players.
Thomas' latest contract amendment comes off the heels of multiple free-agency moves made by the Saints in recent weeks. In February, New Orleans signed former Raiders quarterback Derek Carr to a four-year, $150 million contract, a move which should benefit Thomas as he now has a Pro-Bowl signal-caller to throw him the football. On Monday, the Saints also re-signed Jameis Winston on an amended deal to be Carr's backup.
