The Saints checked the biggest box in their offseason To Do list Monday when they agreed to terms with free agent quarterback Derek Carr.
Now, they can turn their attention to the rest of the roster, and one of the biggest decisions involves Michael Thomas.
The offseason clock is ticking. Thomas’ Saints career hangs in the balance. With each passing day, his tenure grows more precarious.
A $31.7 million roster bonus looms on March 17. If Thomas is still with the Saints by next Friday, then the team will owe him the massive payday next year. The Saints wrote the poison pill into Thomas’ restructured contract in January, knowing they would never pay it.
I won’t bore you with the complicated details, which have all been previously reported, but essentially the sides agreed to this new arrangement to provide salary-cap flexibility for the cash-strapped Saints while giving Thomas a more user-friendly contract and a chance to gauge his value on the market. To reward Thomas for his cooperation, the Saints gave him a $902,941 bonus, the equivalent of one game check.
The massive roster bonus is effectively the Sword of Damocles for Thomas’ Saints career. He’s never going to see that $31.7 million bonus. He knows it. His agent knows it. And the Saints know it. He either agrees to renegotiate the deal and plays for a cheaper, incentive-laden, cap-friendly contract in 2023. Or the Saints release him, and he becomes a free agent.
That’s where things stand as the start of NFL free agency looms on March 15.
Thomas can stay or go. At this point, it’s essentially up to him.
After seven seasons in New Orleans, Thomas might be eager for a fresh start. He’s endured three injury-marred seasons, and the Saints have missed the playoffs in back-to-back campaigns. The quarterback carousel they endured in the wake of Drew Brees’ retirement certainly didn’t help matters.
The addition of Carr, though, could be a game-changer. It should definitely make Thomas think twice about returning to New Orleans next season, assuming he’s willing to play for a reduced salary in 2023. Thomas would essentially be betting on himself. A healthy, productive season would enhance his future earning power, either with the Saints or another team on the free agent market in 2024.
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