Report: Michael Thomas, Saints Agree to 1-Year, $10M Contract After Derek Carr Deal

Veteran wide receiver Michael Thomas has reportedly agreed to a restructured contract to return to the New Orleans Saints, according to ESPN's Adam Schefter.

Per Schefter, the deal has a base salary of $10 million and maxes out at $15 million.

The news comes after Nick Underhill of NewOrleans.Football (h/t Charean Williams of ProFootballTalk) reported March 9 that the Saints had made "progress recently" in conversations with Thomas' representatives on a new contract.

Thomas was one of the players who helped recruit former Las Vegas Raiders quarterback Derek Carr to the Saints. Carr signed a four-year, $150 million deal with the Saints as a free agent after also receiving interest from the New York Jets and Carolina Panthers.

Thomas initially restructured his deal with the Saints on Jan. 7, according to ESPN's Field Yates, leading many to believe the two sides would be going their separate ways.

Thomas' 2023 salary was reduced to $1.2 million from $15.5 million, and a roster bonus worth $31.8 million was added for 2024. His 2024 bonus was set to become fully guaranteed on March 17, 2023.

The 30-year-old was once one of the NFL's premier wide receivers, but injuries have limited him to just 10 games over the last three seasons, catching just 56 passes for 609 yards and three touchdowns in that span.

During the 2020 campaign, Thomas appeared in just seven games due to an ankle injury. He then underwent ankle surgery and missed all of the 2021 season after suffering a setback in his recovery.

Thomas entered the 2022 season healthy, but he suffered a foot injury after just three games and missed the remainder of the year. He caught 16 passes for 171 yards and three scores before hitting the shelf.

New Orleans selected Thomas in the second round of the 2016 NFL draft out of Ohio State, and he put together an impressive rookie season, catching 92 passes for 1,137 yards and nine touchdowns in 15 games.

Thomas followed that up with three consecutive 1,000-plus yard seasons from 2017-2019, totaling 378 catches, 4,375 yards and 23 touchdowns in 48 games. He earned three Pro Bowl selections, two All-Pros and an Offensive Player of the Year award in that span.

Unfortunately, Thomas hasn't been that elite player in a long time, though it's possible he could return to form alongside Chris Olave and with Carr as his quarterback in 2023.