This is good to see: the New Orleans Saints have reached agreements on rookie contracts with both of the players the team selected in the first round of the 2022 NFL draft, officially making Chris Olave and Trevor Penning members of the team.
NFL Network’s Ian Rapoport reports that Penning agreed to a regular four-year contract, with his colleague Tom Pelissero adding that the deal is valued at $14,143,316 (half of it cashing immediately through a $7,466,048 signing bonus). And ESPN’s Adam Schefter reported that Olave agreed to a standard four-year, $19,271,874 contract that is fully guaranteed. As is the case with Penning and every other first-round pick, it also includes a fifth-year option for 2026.
Rookie contract negotiations used to be contentious between players and teams, but that process has been streamlined under recent updates to the NFL collective bargaining agreement. Now contract values are tied to draft slots and there’s little to discuss besides payout structures with signing and roster bonuses and the like. Because of that, the Saints have made a habit of signing their annual draft classes at rookie minicamps in May, so look for the three remaining unsigned players to put pens to paper soon.
