On Saturday, the New Orleans Saints reportedly restructured their contracts with wide receiver Michael Thomas and offensive tackle Ryan Ramczyk to free up roughly $26 million in cap space.
In addition, guard Andrus Peat also restructured his contract with the team to free up $7.8 million in salary space. The New Orleans Saints’ cap space is now about $42 million below the projected cap for next season ($202.8 million).
The $14.6 million in Michael Thomas’ contract (salary plus roster bonus) was converted into a signing bonus that could be spread evenly over the next few years. This also shows that the New Orleans Saints have no intention of trading him, because after the transaction, the $14.6 million will be directly included in this year’s cap space.
New Orleans Saints general manager Mickey Loomis previously made it clear that the change of coach from Sean Payton to Dennis Allen does not mean the team will begin a rebuilding process. He believes the team still has the strength to compete for the top spot in the NL South and is likely to spend a lot of money in this year’s quarterback market.