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The New Orleans Saints have reportedly reached an agreement on a one-year, $10 million restructured contract with wide receiver Michael Thomas, sources with knowledge of the situation confirmed to ESPN's Adam Schefter.
The reported contract includes up to $5 million in incentives and comes after speculation of uncertainty regarding Thomas' future with the Saints.
"Saints restructured Michael Thomas’ contract, reaching agreement on a one-year, $10 million deal that has a max value of $15 million, per source. Thomas staying in New Orleans," Schefter tweeted.
The two sides had previously agreed to a restructured deal that reduced Thomas' base salary from $15.5 million to $1165 million in January, which led to anticipation of his possible release from the team. Instead, Thomas, a three-time Pro Bowl selection and former NFL Offensive Player of the Year, will return to a Saints offense that already added veteran quarterback Derek Carr this offseason.
Thomas was selected by the Saints at No. 47 overall in the second-round of the 2016 NFL Draft and quickly emerged as one of the league's best receivers, leading the NFL in receptions in 2018 and 2019, as well as receiving yards in 2019. But the former Ohio State standout has been limited to just 10 games in the past three seasons due to multiple injuries.