The New Orleans Saints are in no-man’s land, which might be worse than being in the NFL basement. They finished 9-8 in two of their last three seasons, including in 2023, but haven’t made the playoffs since 2020.
Worse yet, they entered the offseason ranked dead last in salary cap space and are overpaying for a middling starting quarterback.
But the Saints found needed relief on Friday, reportedly creating roughly $23 million in cap space by restructuring QB Derek Carr’s contract. In theory, the money could be used to pursue external options in free agency or to re-sign some of their in-house free agents.
Who Are the New Orleans Saints’ 2024 Free Agents?
WR Michael Thomas
Once arguably the best receiver in the NFL, Michael Thomas is now clearly on the back nine of his career. Since setting the single-season record for catches in 2019, the oft-injured Thomas has missed 47 games due to injuries, including seven in 2023.
Thomas, 31, technically is still under contract for 2024. However, the aforementioned injury history, along with declining production and the major roster bonuses remaining in his contract, make him an obvious candidate for release.
MORE: 2024 NFL Free Agent Rankings
When healthy, Thomas is still a capable receiver. He caught 39 balls for 448 yards and a touchdown across 10 games last season. But the reality is he’s become an on- and off-field headache in recent seasons, and the Saints probably should move on.
QB Jameis Winston
Like Thomas, Jameis Winston is a likely release candidate. Last year’s contract restructure means his current deal no longer voids, but the remaining contract details, plus his open desire to be a starting QB, forecast a potential split.
But should the Saints look to retain Winston, either by keeping him on the roster or cutting him and striking a new deal?
The #Saints are restructuring QB Derek Carr’s contract for salary cap purposes, a move expected to save the club around $23M in cap relief, per sources. Carr is due $30M in base salary, so converting a portion of that into a signing bonus can provide immediate savings
— Jeremy Fowler (@JFowlerESPN) February 23, 2024
It’s hard to make that case. Though Winston appears to be a strong presence in the locker room, his performance on game days is too erratic. He’s a turnover waiting to happen — he threw 41 interceptions in just 26 starts over the last five seasons — and his bad habits haven’t improved with age.
Sure, Winston would be a high-upside backup, but the Saints have bigger needs on which to spend their money.
OL Andrus Peat
Andrus Peat is in a similar situation as Winston and Thomas. His contract is set to void, meaning, for now, it’s unclear whether he really will hit free agency.
Regardless, the Saints would be wise to work something out. Allowing Peat’s contract to void would result in a $13.6 million dead cap hit for a franchise already in cap hell. In all likelihood, it would be cheaper to re-sign the versatile 30-year-old offensive lineman. It would also be a wise move for roster construction purposes.
Peat took a pay cut last offseason and was in line to serve as a backup. But Trevor Penning’s struggles forced New Orleans to move Peat from left guard to left tackle, where he played at a high level for the rest of the season. He was arguably New Orleans’ best lineman.
For a variety of reasons, keeping Peat would make sense for the Saints.
CB Isaac Yiadom
This is a no-brainer.
Isaac Yiadom signed a one-year contract last year and entered the season with minimal expectations. But the 2018 third-round pick enjoyed a career-best campaign and arguably was the Saints’ best cornerback.
KEEP READING: 2024 NFL Free Agency Predictions
In 17 games, Yiadom racked up 37 tackles, one interception, and 14 pass breakups, tied for the eighth-most in the NFL. He also saw a lot of playing time on special teams.
Yiadom is a solid corner with good size and is someone whom the Saints should keep around.
Other Saints 2024 Free Agents
- RB Eno Benjamin
- FB Adam Prentice (RFA)
- WR Lynn Bowden Jr.
- WR Keith Kirkwood
- TE Jimmy Graham
- OL Cameron Erving
- G Max Garcia
- G Trai Turner
- EDGE Zack Baun
- EDGE Kyle Phillips
- DL Malcolm Roach
- LB Andrew Dowell
- LB Ty Summers
- CB Ugo Amadi
- CB Shemar Jean-Charles (RFA)
- CB Lonnie Johnson Jr.
- S Johnathan Abram
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