Field Yates of ESPN reports that the Saints and WR Michael Thomas have agreed to a restructured contract.
Thomas is under contract through the 2024 season and had his base salary in 2023 reduced 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.
He is also received a signing bonus of $902,941 this week, the equivalent of one extra game check for his original 2022 base salary of $15.35 million.
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.
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