The New Orleans Saints’ winding road to reach below the salary cap continues with another contract restructuring.
This time it is the great receiver Michael Thomas.
NFL Network Insider Ian Rapoport reported that the Saints restructured Thomas’s contract creating $ 8.7 million in salary cap space, according to informed sources of the situation.
Normally, the restructuring of simple contracts is not remarkable. This season, especially in New Orleans, is very different. The change is the most recent, as the Saints, who came to stay with about $ 60 million above the salary cap, pushed their way below the $ 182.5 million limit before the league’s new year began March 17th.
Thomas signed a contract extension of more than $ 96 million for five years in 2019. He restructured it once last year to free up capitalization space. The Saints returned to that well again in 2021 to gain more space to enter under the cover.
Rumors of exchange spun last season on the star receiver, who played only seven games, receiving 40 passes for 438 yards and no TDs, all career lows. The restructuring of the contract, which reduces his base salary to distribute the money over the next few seasons, increasing his limit in the future, ensures that the 28-year-old remains in the club.
Even with the latest cuts and restructuring, the Saints remains above the $ 182.5 million salary cap, so Thomas’ restructuring is not the last action New Orleans will take before next Wednesday.
Other clubs are also restructuring players to free up space for the cap.
Rapoport reported that the Las Vegas Raiders restructured linebackers Nick Kwiatkoski (releasing $ 2.7 million) and linebacker Cory Littleton ($ 4.4 million).
The Ravens, for their part, restructured Marcus Peters’ contract, freeing up $ 3.5 million in cap space, for Rapoport.