Saints Keeping Michael Thomas On Incentive-Heavy One-Year Deal

According to Ian Rapoport, the Saints and WR Michael Thomas have worked out a resolution to keep him in New Orleans for another season. 

Rapoport says Thomas has agreed to an incentive-heavy one-year deal. Adam Schefter reports it’s a one-year, $10 million deal that can be worth as much as $15 million. 

At one point, it seemed Thomas was likely o be playing elsewhere in 2023. However, the tone changed in recent weeks and it appears as though the Saints and Thomas were motivated to stay together with new QB Derek Carr coming in. 

Previously Thomas agreed to reduce his base salary in 2023 from $15.5 million to $1.165 million while adding a $31.755 million roster bonus for the 2024 league year that becomes fully guaranteed on the third day of the 2023 league year.

That move was interpreted as a way for the Saints to release Thomas with a June 1 designation and get the immediate cap benefit as opposed to having to wait until after that date. 

Thomas, 29, was drafted by the Saints in the second round out of Ohio State in 2016. He was entering the final year of a four-year, $5.118 million rookie contract when he agreed to a five-year, $100 million extension in 2019. 

After three games, he was placed on injured reserve when it was revealed that he needed surgery on his toe. He has only appeared in ten games for the Saints over the past three seasons.

In 2022, Thomas appeared in three games for the Saints and caught 16 passes on 22 targets for 171 yards receiving and three touchdowns.

We have him listed in our Top 100 2023 NFL Free Agents list.