The New Orleans Saints have made a key decision with a pair of young, former first-round picks.
Those players are Chris Olave and Trevor Penning, whom the team picked at No. 11 and 19 in the 2022 draft. The team has opted to exercise the 5th year option on Olave's deal, but not Penning's, Saints GM Mickey Loomis said on Wednesday, meaning their assumed starting right tackle is scheduled to be a free agent after the 2025 season.
"That doesn't mean we don't love Trevor and expect him to be part of our team going forward," Loomis said.
The decision means the Saints will have one more season of Olave on his rookie scale deal, then one additional season where he'll be compensated just under $15.5 million, a total calculated by averaging the No. 3 through 25 salaries at each respective position.
Penning's option would've been worth just under $16.7 million. The deadline for all teams to make such decisions on first-round picks from that draft is May 2.
Neither decision was particularly surprising based on circumstances. Olave has been highly effective when on the field, amassing back-to-back 1,000-yard seasons in his first two years in New Orleans despite inconsistent quarterback play. Injuries have been a major concern, and particularly the four concussions he's sustained over his first three NFL seasons. The most recent came in Week 9 against the Panthers when he had to be stretchered off the field and taken to a local hospital. Olave returned to practice later in the season but never returned to game action with the playoffs out of reach.
Penning, on the other hand, appears to be in a situation where he could still play himself into a contract extension. The former Northern Iowa standout has had an injury plagued and frustrating start to his NFL career, but he did remain healthy and started 17 games at a new position of right tackle in the 2024 season across from rookie Taliese Fuaga. The Saints could opt to add another tackle prospect in the draft, but Penning's situation is not completely dissimilar to that of Cesar Ruiz ahead of the 2023 season. The Saints also opted not to exercise his option but ultimately inked the 2020 first-round pick to a 4-year contract extension worth $44 million.
Based on Loomis' comments above, Penning could have a similar opportunity with a strong camp.
