NFL Rumors: Michael Thomas' Future with Saints Uncertain After Derek Carr's Contract

Michael Thomas' social media celebration about Derek Carr joining the New Orleans Saints felt strange in the moment because it's unclear if the three-time Pro Bowl wide receiver will actually play with the team's new quarterback.

Per Jeff Duncan of the Times-Picayune, there are divided opinions within the Saints organization about whether or not Thomas will be on the roster in 2023.

"Some are optimistic he will return," Duncan wrote. "Others believe he has already moved on and is just waiting for the Saints to cut the cord."

ESPN's Field Yates reported in January that Thomas agreed to restructure his contract by reducing his base salary for next season from $15.5 million to $1.67 million and adding a $31.755 million roster bonus for 2024 that becomes fully guaranteed on the third day of the 2023 league year (March 17).

Thomas also got a $902,941 signing bonus, equivalent to one of his 2022 game checks, for agreeing to restructure his deal.

The restructuring gives the Saints the ability to move on from Thomas, but they would have to make a decision soon after the new league year starts to avoid being on the hook for his roster bonus.

If the Saints and Thomas decide to move on from each other, the team could try to find a trade partner. It would likely be difficult to find anyone willing to take Thomas at his current contract, which runs for two seasons and pays him $18.5 million in base salary with a $59.4 million cap hit in 2024, given he's only played 10 games in the past three seasons.

John Sigler of Saints Wire noted the Saints could release Thomas before the March 17 deadline for his roster bonus and designate him as a post-June 1 cut to lower his 2023 dead-cap charge to $11.993 million and a $14.181 million dead-cap charge in 2024.

Even though there was an assumption that Thomas' deal was an indication the Saints were going to move on from him, his reaction to Carr's signing and Duncan's reporting seems to indicate that's not necessarily the case.

It's not a secret that New Orleans general manager Mickey Loomis doesn't care about the salary cap beyond the current season he's planning for. Thomas' restructuring cleared up some money to help the team in its early quest to be cap-compliant.

Yates reported Saturday that Demario Davis and Taysom Hill restructured their deals to create $12.274 million in cap space. Carr agreed to a four-year, $150 million deal with the Saints on Monday, per NFL Network's Ian Rapoport and Mike Garafolo.

The Saints structured Carr's deal so he will only count $7.2 million against the cap in 2023.

If the Saints want to maximize Carr's ability with their offense, having a core group of skill-position players that includes Thomas, Chris Olave and Alvin Kamara would be formidable.

Thomas had a productive start in 2022 with 171 receiving yards and three touchdowns on 16 receptions in three games before a foot injury ended his season.