Michael Thomas has agreed to a contract restructure with the New Orleans Saints, according to ESPN. The former All-Pro wideout had his 2023 salary reduced from $15.5 million to $1.165 million while adding a $31.755 million roster bonus for the 2024 league year that will become fully guaranteed on March 17, 2023.
Thomas also recently received a $902,941 singing bonus -- the equivalent to one game check -- to his original base salary of $15.35 million when the recent restructure was signed. This is the latest of several contract restructures between the Saints and Thomas, a former All-Pro who has been hampered by injuries over the past three seasons.
If the Saints part ways with Thomas, they're expected to do so before his roster bonus becomes fully guaranteed. New Orleans will likely elect to part with Thomas sooner rather than later while giving him time to find a new team before the start of free agency.
The restructure reportedly gives the Saints more than $14 million in additional cap space, which is vital for a team that has several areas of need as it wraps up what has been a disappointing season. New Orleans is 7-10 and will miss the playoffs for a second consecutive season.
Still just 29, Thomas is surely hoping to bounce back next season after injuries limited him to just three games this season. When he did play, Thomas showed that he is still a highly productive player. He caught 16 of 22 targets for 171 yards and three touchdowns. He caught at least five passes in all three games while catching all five of his targets against the Panthers in what was his final game of the season.
Thomas' previous success will likely lead to interest if he and the Saints part ways this offseason. A Los Angeles native, the Rams may be interested in acquiring him after the team was unable to find a suitable replacement for Odell Beckham Jr. and Robert Woods this past season.
The Browns, who play just over two hours north of where Thomas played college football at Ohio State, may also be interested in his services. Cleveland will undoubtedly be looking to upgrade its receiving corps in what will be Deshaun Watson's first full year as the team's starting quarterback.