Rapoport reported earlier in the day that the Saints are fielding trade offers for LB Curtis Lofton, and given their current financial situation, you can expect to see even more moves in the next few days.
Thomas, 30, had two years remaining on his three-year, $6.9 million contract that included $2.4 million guaranteed. He was set to make base salaries of $2.1 million and $2.2 million over the remainder of the agreement.
According to OverTheCap.com, releasing Thomas will free up $1.735 million in available cap space while creating $830,000 in dead money.
In 2014, Thomas ran for 222 yards on 45 carries (4.9 YPC) to go along with 45 receptions for 378 yards receiving and three touchdowns. Pro Football Focus has him rated as the No. 9 running back in the league out of 57 qualifying players.