You’ll have a hard time finding a more unique contract around the NFL than the one Michael Thomas signed with the New Orleans Saints last week. While it’s technically a two-year extension tying Thomas to the Saints for 2023 and 2024, the deal is structured so that both sides will return to the negotiating table this time next year.
Per ESPN’s Katherine Terrell, Thomas will trigger future roster bonuses of $31.7 million, $28.7 million, and $58.6 million if he’s on the roster by a certain date next offseason — NewOrleans.Football’s Mike Triplett clarifies this as the third day of the 2024 league year, which would have been March 18 this year. That means the Saints have a deadline to circle back and either renegotiate this contract again or let Thomas go.
So they’re clearly hoping he and Derek Carr play well together in 2023, making the decision easier in 2024. Thomas is betting on his health in a huge way. Triplett added that he’ll receive contract incentives for being healthy and active each week as well as more bonuses tied to his performance, team accomplishments, and postseason honors:
- $190,000 for each game on the 53-man roster (as opposed to the injured reserve list), up to $3.23 million in total
- $30,000 for each game on the 46-man active roster (as opposed to being inactive), up to $520,000 in total
- $250,000 for catching 100 passes, $250,000 for 110 receptions, and another $250,000 for 120 catches; up to $750,000 in total
- $250,000 for 7 touchdown receptions in total
- $250,000 for an initial Pro Bowl Games selection as well as Saints qualifying for the playoffs
- $500,000 for being named to the Associated Press All-Pro first team
- $1 million for being named NFL Offensive Player of the Year
- $500,000 for being named NFL Most Valuable Player
- $500,000 for being named Super Bowl LVIII Most Valuable Player
- $500,000 for Saints winning Super Bowl LVIII as well as Thomas record 110 receptions or 1,150 receiving yards
So let’s run the math on this. If Thomas fully returns to form and produces like he did in 2019 — being active for every game, catching 149 receptions for 1,725 yards and scoring 9 touchdowns, while leading the Saints to the postseason and winning recognition as a Pro Bowler, All-Pro, and Offensive Player of the Year — he’ll cash in with $6.5 million through incentives. If Thomas performs closer to what we saw earlier in his career, he could still bring in an extra $4.5 million or so.
If he at least meets the incentives for being active on game days, Thomas will trigger a $3.74 million roster bonus in 2024 that’s due on the first day of the new league year, per Over The Cap’s Jason Fitzgerald. So that’s a soft deadline with the massive roster bonuses scheduled to hit a few days later. It’s all designed so the Saints have time to evaluate his performance in 2023 and decide whether he should be part of their plans in 2024.
But he’s got to get healthy first. It all starts with an upcoming physical, reported by Triplett to be on or about April 21, which Thomas must pass in order to receive a $5 million signing bonus and guarantee his $1.26 million base salary this season. He’s clearly betting on himself here. Hopefully it works out as Thomas and the Saints envision.
