The next steps for the New Orleans Saints and WR Michael Thomas are yet to be seen, but they got much more flexible this week.
The Saints and the injury-plagued WR agreed to a restructured deal this week, according to a report from ESPN's Field Yates, that guarantees a $902,000 signing bonus this week and opens up options to either release or trade the 29-year-old heading prior to the 2023 season.
The reworked deal effectively reduces Thomas' salary down from $15.5 million to $1.165 million for the 2023 season, but introduces a $31.75 million bonus for the 2024 season. That figure becomes fully guaranteed after the start of the 2023 league year, which would strongly suggest a move could happen before then. If not, he'll likely remain on the roster considering the team will be on the hook for the signing bonus, regardless.
The savings in 2023 will allow the team flexibility to navigate in a season they are currently projected to be $38 million over the cap even after the restructured deal. That said, the team operates by scheduling these types of restructures in 3-year cycles, and maintains the ability to get more than $30 million under the cap without cutting or trading anyone, should they choose to pull those levers.
As for Thomas, the potential departure would mark the end to one of the most prolific WR careers in Saints history even with the majority of his past three seasons marred with injury and unsuccessful recovery. Thomas agreed to a 5-year, $96 million deal prior to the 2019 season and went on to set the NFL record for catches in a season (149) and was named the Offensive Player of the Year.
But things never quite took off after that point. Thomas suffered an ankle injury late in a season-opening win over the Bucs to start the 2020 season, and missed the next 8 games. He returned and played through the injury later in the year, but never got right. His season ended with a zero-catch performance during a divisional round playoff loss to the eventual champion Bucs.
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Thomas missed the entirety of the 2021 season due to delayed surgeries and unforeseen setbacks, but worked back for the start of the 2022 season. He began with a two-touchdown performance in a comeback win over the Falcons, and caught another touchdown a Week 2 loss to the Bucs. He suffered a toe injury during a Week 3 loss to the Panthers, and attempted to rehab without surgery. That attempt was unsuccessful, and his season ended on injured reserve.
If Thomas never plays another game for the Saints, his career will end with 526 catches for 6,121 yards and 35 touchdowns. His receiving yardage mark ranks No. 4 in team history behind Marques Colston (9,759), Eric Martin (7,854) and Joe Horn (7,622). Thomas reached that mark in 73 games, while each of the other three players named appeared in over 100 in their Saints careers.
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Should the Saints choose to move on from Thomas, they'd do so with a significant cap hit for 2024 season and beyond, but with a confidence-inspiring receiving corps of Chris Olave and Rashid Shaheed, both of whom have starred in their rookie seasons. Olave was one of the NFL's most productive rookies, with 67 catches for 982 yards and 3 touchdowns in 14 games. Shaheed, while also serving as the kick/punt returner, has developed into an elite deep threat, catching 25 passes for 454 yards and two touchdowns. He also has a 44-yard touchdown run.
The Saints were officially eliminated from the playoffs despite a win over the Eagles in Week 17. The team will look to finish the season on a 4-game winning streak when they face off against the Carolina Panthers at the Caesars Superdome in Week 18.
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