Reports: Saints restructure WR Michael Thomas’ deal
Wide receiver Michael Thomas agreed to a restructured contract with the New Orleans Saints, ESPN reported.
Thomas signed a five-year, $96.25 million extension in July 2019 but has dealt with injuries ever since, including missing the entire 2021 season.
Thomas, 29, has recorded just 56 catches in 10 games since setting an NFL record with 149 receptions in 2019.
He is under contract with the Saints through 2024. According to the report, his 2023 base salary will be reduced from $15.5 million to $1.165 million while adding a $31.755 million roster bonus for the 2024 league year.
Thomas also received a signing bonus of about $900,000 this week, the equivalent to one extra game check based on his 2022 salary of $15.35 million, per the report.
With the restructured deal, the team adds more than $14 million in cap flexibility. The Saints are currently projected to be “tens of millions” of dollars over the cap, according to the report.
A three-time Pro Bowl selection, Thomas has 526 catches for 6,121 yards and 35 touchdowns in 73 games (65 starts) since being drafted by New Orleans in the second round in 2016.
Thomas played in only the first three games this season, catching 16 passes for 171 yards and three scores.
–Field Level Media
