This is interesting: NewOrleans.Football’s Nick Underhill reports that the New Orleans Saints are negotiating what he calls a “reworked contract” with starting safety Tyrann Mathieu. This comes after the Saints informed Mathieu’s co-starter Marcus Maye that he would be released at the start of the new league year on March 13, joining a large crowd of soon-to-be free agent safeties.
It’s no surprise that the Saints are taking a hard look at Mathieu’s contract. His $12 million salary cap hit is among the highest on the team and they still need to reach cap compliance before free agency kicks off next week. Restructuring his contract would save up to $5.8 million against the cap. An extension, if structured well, could free up to $6.2 million. A pay cut is also an option but it carries a wide range of outcomes.
What’s intriguing is Underhill’s wording — this doesn’t sound like a typical restructure where the Saints would convert most of Mathieu’s $7 million base salary into a signing bonus and pay it out in installments. Oftentimes a reworked deal means either a pay cut, conversion of salary into incentives, or an extension.
And keep in mind that we’re speculating here, but that last point might be the key. Mathieu is entering the final year of his contract. Most of the money the Saints would save now by restructuring him would hit the books next season if he isn’t re-signed. If the plan is to retain him anyway, simply signing him to an extension now and moving money around — effectively reworking the deal — would make the most sense for both sides.
Mathieu played well in 2023. His 4 interceptions were tied with cornerback Paulson Adebo for the team lead. He tied slot corner Alontae Taylor with 75 combined tackles (fifth-most), 50 of them solo (also fifth). He’ll turn 32 in May and working out a new deal to insure he’ll finish his career playing for his hometown team would be a fantastic story.
But this could just as easily be a pay cut. Hopefully that’s not the case, though Underhill adds that Mathieu is working with the Saints to push negotiations across the finish line. He’s been a good pickup and it would be great to see him close out the final chapter of his playing career in front of a friendly crowd. Stay tuned.
