Chris Olave, Saints Reportedly Agree to New Contract, Full Details Revealed Ahead of 2026 NFL Season

Despite some trade rumors floating around about Chris Olave last season, the New Orleans Saints are keeping their No. 1 wide receiver after giving him a new contract on Thursday.

Per ESPN's Adam Schefter, Olave has agreed to an four-year extension worth up to $132 million with $90 million guaranteed.

The Saints have been at a crossroads for many years since Drew Brees retired after the 2020 season, but general manager Mickey Loomis kept trying to kick the can down the road and damaging their long-term cap flexibility.

Things finally collapsed on the Saints in 2024 when they finished 5-12, leading to some organizational house-cleaning. Head coach Dennis Allen, who had been with the team since 2015, was fired and replaced by Kellen Moore.

New Orleans was given an opportunity to embrace a rebuild when Derek Carr surprisingly retired on May 10 due to a shoulder injury. The Saints freed up around $30 million in cap space for 2026 when his retirement was able to be processed.

It opened up the door for the Saints to really start thinking about the future. Even though Tyler Shough is an older prospect—he turned 26 last Sept. 28—he's still a quarterback they thought enough of to use the No. 40 overall pick in the 2025 draft.

Shough showed some promise with a 5-4 record as the starter. He threw for 2,256 yards, 10 touchdowns and completed 69.2 percent of his attempts in those nine games.

They didn't win a lot of games (6-11) because the overall roster talent in New Orleans was lacking, but retaining Olave gives Shough a reliable pass-catching option as they fill out the offense around that duo.

Olave is only 26 years old and had another year remaining on his rookie deal, so there was not any immediate pressure to get a deal done now if the team wanted to play things out.

Doing the deal now gives the Saints assurances that Olave will be around for the foreseeable future, in addition to helping them plan out their cap as they try to get that in order from all the years of pushing money into future seasons.

It also gives the Saints a very intriguing receiver duo after using the No. 8 overall pick in the 2026 draft on Jordyn Tyson.

Olave wasn't as explosive in 2025 as he was at his peak with just 11.6 yards per reception, but he led the Saints in targets (156), receptions (100) and receiving yards (1,163). There are also injury concerns, including multiple concussions he has sustained throughout his NFL career.

When Olave has been healthy, though, he has made a very positive impact for a Saints team that needs playmakers to support their young quarterback.

In his first two seasons, Olave surpassed the 1,000-yard mark twice while compiling nine total touchdowns.