Will the Saints Re-Sign Michael Thomas? Fantasy Football Outlook

New Orleans Saints wide receiver Michael Thomas has struggled to stay on the field over his past few seasons.

The veteran wideout has been viewed as a possible cut candidate this offseason with New Orleans looking to clear up some cap space.

New Orleans recently restructured the remainder of Thomas' contract. Will that allow him to remain with the Saints in 2023? Let's dive in and take a look.

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What did Michael Thomas do in 2022?

Thomas missed the entire 2021 season with an injured ankle but he was able to make it back to the field for the beginning of the 2022 season.

In September, he showed that he was still a dominant force on the field, catching 16 passes for 171 yards and three touchdowns over the first three games of the season but he left his team's Week 3 game against the Panthers and did not return. It was initially called a foot injury but later on it was revealed that Thomas injured his toe.

His toe injury was initially not thought to be serious but after several weeks worth of missed practices, Thomas eventually landed on injured reserve after having surgery on the toe in early November.

Will Michael Thomas be Back With the Saints in 2023?

The Saints have the worst salary-cap situation in the league heading into the offseason as they are over $57 million over the cap. That will force the team to make some difficult roster decisions before training camp, with Thomas' status one of their most difficult decisions.

Estimated 2023 Cap Space

1. #Bears, $98M
2. #Falcons, $56M
3. #Bengals, $44.5M*
4. #Giants, $44.4M
5. #Patriots, $38M
...
30. #Jaguars, -$32M
31. #Buccaneers, -$55M
32. #Saints, -$57M

*reserve/future contracts not yet includedhttps://t.co/lSUFgEJ1Xu

— Spotrac (@spotrac) January 30, 2023

The team and Thomas agreed to restructure his contract on January 7, lowering his 2023 salary from $15.5 million to $1.165 million while adding a $31.8 million roster bonus to the end of the 2024 season. The restructure gives the Saints some roster flexibility this offseason.

If he remains with the Saints through the end of the 2024 season, Thomas will count as a $59.4 million cap hit.

Top cap hits in the NFL in 2023:

1) #Browns Deshaun Watson - $54.9M
2) #Cowboys Dak Prescott - $49.1m
3) #Chiefs Patrick Mahomes $46.7m
4) #Bills Josh Allen - $39.7M
5) #Titans Ryan Tannehill - $36.6M

The biggest cap hit for 2024 is #Saints WR Michael Thomas with $59.4M pic.twitter.com/blNqj9ZKoe

— Dov Kleiman (@NFL_DovKleiman) February 8, 2023

After restructuring Thomas' contract, the Saints will enjoy some cap relief in 2023 if Thomas remains on the roster with the wideout's big payday not coming due until after the 2024 season. What New Orleans decides to do with Thomas in the offseason is anyone's guess at this point but the restructuring at least keeps the window open that he will remain with the team another season.

Michael Thomas likes 👀🔥 pic.twitter.com/mvkti1Lq6Z

— Brenden Ertle (@BrendenErtle) February 8, 2023

For what it is worth, Thomas seems excited about staying in town and playing with potential new QB Derek Carr, who the Saints are expected to acquire from the Raiders in the near future. Stay tuned as this should be an interesting next couple of months for Thomas.

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