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Saints Restructure Contract of Michael Thomas, Signaling Receiver’s Return to New Orleans
The Saints have reportedly restructured the contract of wide receiver Michael Thomas, clearing up significant cap space and suggesting that the former All-Pro will be back on the field in New Orleans in 2022.
According to ESPN’s Field Yates, the Saints converted $14.565 million of Thomas’s 2022 compensation into a signing bonus. Additionally, New Orleans did the same with Ryan Ramczyk’s deal, converting $18,206,608 of the offensive tackle’s base salary.
Source: the Saints’ cap moves are underway, as they’ve converted $14.565M of Michael Thomas’ compensation for 2022 and $18,206,608 of OT Ryan Ramczyk’s compensation for 2022 into signing bonuses, creating $26.217M in cap space.
— Field Yates (@FieldYates) February 26, 2022
Base salaries count against the entire 2022 cap, whereas signing bonuses are spread equally across all years of the players’ remaining contracts. That means the Saints were able to free up $26.217M in cap space next season.
Despite Saturday’s moves, the Saints are still well over the 2022 cap line. New Orleans still has time to make additional adjustments before the new league year starts on March 16.
By restructuring his deal, New Orleans seems to suggest that Thomas will be back on the field in 2022. The former All-Pro wide receiver missed the entirety of the 2021 campaign with a lingering ankle injury and has not played since the 2020 postseason.
Thomas, 28, is still just a few years removed from being one of the best pass-catchers in the league and should still be in the prime of his career if he can stay healthy. In 2019, he caught an NFL-record 149 receptions and led the league with 1,725 yards during the regular season. He made his second All-Pro team and was named the league’s Offensive Player of the Year for his performance.
More NFL Coverage:
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- Tom Brady Spent Years Playing for Less—and We Might Never Know Why
- Saints News Network: Could Payton and Brees Make a Great Broadcasting Team?
For more New Orleans Saints Coverage, check out Saints News Network.
Zach Koons is a programming editor at Sports Illustrated who frequently writes about Formula One. He joined SI as a breaking/trending news writer in February 2022 before joining the programming team in 2023. Koons previously worked at The Spun and interned for the Atlanta Journal-Constitution. He currently hosts the "Bleav in Northwestern" podcast and received a bachelor's in journalism from Northwestern University.