New Orleans Saints wide receiver Michael Thomas (13) breaks the record for receptions in a season with this touchdown reception against the Tennessee Titans. Christopher Hanewinckel-USA TODAY Sports

Report: Michael Thomas restructures contract with Saints

By Erin Walsh | Last updated 3/12/21

The New Orleans Saints continue to make deals in an effort to get under the 2021 salary cap.

According to NFL Network's Ian Rapoport, the Saints have restructured Michael Thomas's contract. The wide receiver has converted salary into a signing bonus, creating $8.7 million in cap space.

Contract restructures to create cap space as the league year looms:
— #Saints WR Michael Thomas did a restructure, creating $8.7M of space.
— The #Raiders did the same with LBs Nick Kwiatkoski ($2.7M) and Cory Littleton (4.4M).
— The #Ravens restructured CB Marcus Peters (3.5M).
— Ian Rapoport (@RapSheet) March 12, 2021

Malcolm Jenkins, Andrus Peat, Cam Jordan and Demario Davis have also reworked their deals over the past week. Emmanuel Sanders, Janoris Jenkins and Kwon Alexander were released to create more cap space.

The Saints still aren't under the salary cap, even with all of those moves, so more maneuvering will occur in the coming days.

Thomas had a disappointing 2020 season. In seven games, he caught 40 passes for 438 yards and no touchdowns. The 28-year-old missed a lot of time due to injury and was sat one game after fighting with a teammate.

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