The contract status for Saints WR Michael Thomas has been a frequent topic of the 2023 offseason, both in terms of whether it'd exist at all as well as what it might look at.
After the team agreed to terms with new quarterback Derek Carr earlier this offseason, the Saints were able to stamp out a reworked, 1-year deal to give a bounce-back season one more shot in New Orleans. The contract was originally reported as worth $10 million, with a max of $15 million if all incentives are hit. The details are a bit more complicated.
So what exactly are those incentives? Here's a look at some of the finer points of the deal, via Mike Triplett of NewOrleans.football.
The base value of the deal arrives at $6.26 million in terms of signing bonus and salary, the rest coming through incentives. Some are easier to hit than others.
An additional $3.74 million will be tied to availability, and that would get him to the $10 million range originally reported. He'll earn a percentage of that for each game he's on the active roster, and a smaller percentage for each game he's on the 53-man roster. Should Michael Thomas be active in all 17 games, he'll max out the deal. But it does allow for the Saints to save a good chunk should he be injured and have to spend time either inactive or on injured reserve.
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The next set of incentives involves statistics and team success. The following figures come via Spotrac.
- Receptions: 100 - $250K; 110 - $250K; 120 - $250K ... max: $750K
- Receiving yards: 1000 - 250K; 1150 - $250K; 1300 - $250K ... max: $750K
- Receiving TDs: 7 - $250K
- Pro Bowl + team qualifies for postseason: $250K
- All-Pro 1st team: $500K
- Offensive Player of the Year: $1M
- NFL MVP: $500K
- Super Bowl MVP: $500K
- Super Bowl win + 110 catches or 1150 yards: $500K
In the end, it's a reworked deal that makes a lot of sense for the Saints. The team gets back an immensely talented but injury-plagued wide receiver. If he's on the field playing at a high level, it will cost him significantly more -- but that's a price the team would gladly play if, for example, he wins Offensive Player of the Year for the second time and the team is forced to fork over an additional $1M. Again, the idea is: He earned it.
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That was clearly an important element for the Saints who have only seen Thomas on the field for 10 games since his record-breaking 2019 campaign. He missed a majority of the 2020 season with an ankle injury suffered in Week 1, then missed the entirety of the 2021 season due to surgery and setbacks. His return was on track early in the 2022 season with three touchdowns through two games, but a foot injury suffered in Week 3 ultimately ended his season.
In typical Saints fashion, the contract itself has additional years that will almost certainly not arrive, just like his contract prior to the restructure. He's set to count $13,943 against the cap in 2024, but he'll likely be cut or have another deal reworked prior to that date. There are also an additional three void years on his deal to spread out the cap hit. Along with Thomas, Jameis Winston agreed to a reduced, incentive-laden, 1-year deal.
And there it is, until this time next year when we get to have this conversation again.
Check out a full breakdown of the deal on NewOrleans.football.
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