Michael Thomas Contract: Salary, Cap Hit, Potential Extension

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In this Dec. 22, 2019, file photo, New Orleans Saints wide receiver Michael Thomas (13) scores a touchdown on a 2-yard pass reception against the Tennessee Titans during the second half of an NFL football game in Nashville, Tenn. A person familiar with the situation says New Orleans Saints receiver Michael Thomas has agreed to a new one-year contract worth between $10 million and $15 million for the 2023 season. The person spoke to The Associated Press on condition of anonymity on Tuesday, March 14, 2023 because the new agreement has not been announced.
(AP Photo/James Kenney)
BetMGM Staff @BETMGM Mar 29, 2023, 2:58 PM

Michael Thomas has struggled to stay on the field lately, appearing in only 10 games over the past three seasons.

Thomas earned NFL Offensive Player of the Year honors after recording over 1,700 receiving yards during the 2019 campaign.

Michael Thomas Salary

After 2019, Thomas signed a five-year contract extension worth $96.25 million but has only played 10 games on that deal. With a looming lucrative roster bonus, Thomas and the Saints agreed to a restructure this month that would keep Thomas in New Orleans on a one-year, $10 million deal that could be worth up to $15 million.

Michael Thomas Cap Hit

The now 30-year-old wide receiver carries a cap hit in 2023 of $14,253,588.

Michael Thomas Potential Extension

Given the nature of the recent contract restructuring, void years were enacted to spread the cap hit out to give the Saints financial flexibility. However, Thomas could be a free agent in 2024 without a potential extension.

If Thomas has a healthy 2023 season, he could re-enter the conversation as one of the NFL’s elite wide receivers and be in for a lucrative contract.

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BetMGM Staff

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Our BetMGM authors are sports experts, with a wealth of knowledge of the sports betting industry at all levels. Their coverage includes sports news across players, teams and coaches, providing betting previews and predictions, fun facts and more.

Our BetMGM authors are sports experts, with a wealth of knowledge of the sports betting industry at all levels. Their coverage includes sports news across players, teams and coaches, providing betting previews and predictions, fun facts and more.