Michael Thomas and the New Orleans Saints have agreed on a restructured contract for the duration of his deal, sources told ESPN on Saturday.
Thomas is under contract through the 2024 season; his base salary has been reduced from $15.5 million to $1.165 million for next season. A $31.775 million roster bonus has been added for 2024, which will be guaranteed on Mar. 17 of 2023.
The roster bonus deadline means that the Saints will have to make a decision on Thomas’ long-term future with the organization sooner rather than later. The star wide receiver has missed 39 games due to injury over the past three seasons, making the roster bonus a huge financial commitment for the team.
Thomas received a signing bonus of $902,941 on Friday, which is equal to a single-game check from his original 2022 base salary of $15.35 million.
The Ohio State product was drafted in the second round by the Saints in 2016; he had a standout 2019 season that featured 149 receptions for 1,725 yards and nine touchdowns en route to Offensive Player of the Year honors. The former is an NFL record, per nola.com. He was a force the entire 2019 season.
Thomas has been plagued by injuries since, playing just ten games since winning POTY. He missed all of 2021 with a foot injury.
The 29-year-old Los Angeles, CA native played three games this season, tallying 16 receptions for 171 yards and three touchdowns. He landed on injured reserve with a toe injury earlier in the campaign.
Michael Thomas will look to get back to 2019 form with the New Orleans Saints in 2023 in his restructured deal.