Saints Making Progress On Extension For Michael Thomas

Nick Underhill reports that the Saints and WR Michael Thomas have made progress on a contract extension. 

According to Underhill, no deal is done at this time, but they have had “productive” talks about a new deal.

At one point, it seemed Thomas was likely o be playing elsewhere in 2023. However, the tone has changed in recent weeks and it now appears as though the Saints are motivated to keep him in the fold for new QB Derek Carr. 

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. Underhill points out the NFLPA even put a note on the contract in their database indicating this was the purpose. 

The Saints are tight up against the cap and it’s been a frustrating past three seasons for Thomas and the team with his injury issues.

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.