The New Orleans Saints are predicted to sign a six-time Pro Bowl wide receiver and former Comeback Player of the Year in free agency. The big-bodied target could provide a huge boost for quarterback Derek Carr and address a glaring hole in the Saints’ offense.
The New Orleans Saints’ Cap Situation
Like clockwork, the Saints find themselves in a precarious financial position yet again. Over the Cap estimates the team is more than $52 million over the salary cap, severely limiting their ability to make any big splashes in the market.
“Kicking the can down the road” has become the mantra for Saints financials as New Orleans has consistently postponed its bloated salary cap issues in recent years.
The NFL announced an increased salary cap for the 2025 season, providing a sliver of relief. The cap is projected to fall between $277.5 million and $281.5 million, which is higher than initially anticipated.
This increase could potentially reduce the Saints’ overage to around $47 million, offering a bit more flexibility in their roster management.
Saints’ Need for a No. 2 Receiver
The Saints’ offense has shown it can put up monster points, but the unit has lacked a reliable second option in the passing game to complement 2022’s first-round pick, Chris Olave. The unit was ranked 24th in points scored, 23rd in total passing yards, 20th in passing touchdowns, and 20th in net yards per attempt.
Those paltry numbers are mostly due to losing Carr for seven games. When healthy, Carr threw 15 touchdowns to only five interceptions in 10 starts. He ranked 11th on PFSN’s QB rankings for 2024, and his average net yards per pass attempt was nearly double that of rookie backup quarterback Spencer Rattler.
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Rattler, the Saints’ fifth-round pick in the 2024 NFL Draft, started six contests and was often rattled. The former Sooner and Gamecock lost all six starts and finished with a quarterback grade of 70.4 to go along with a QBR of 40.3.
The even more alarming statistics for New Orleans revolved around their receivers. Olave was the team’s top wideout with only 44 targets, 400 receiving yards, and a lone touchdown in eight starts.
In fact, no Saints WR had more than eight starts, more than four receptions per game, or more than 59 receiving yards per game. Safe to say, health is a major point of concern for New Orleans’ wide receiver crew.
Undrafted speed demon Rashid Shaheed has flashed big-play potential and can change the makeup of a game in a heartbeat, but he’s not viewed as a workhorse. His value comes in the return game.
New Orleans signed Marquez Valdes-Scantling after he was released by the Buffalo Bills in October 2024. Valdes-Scantling ended up leading all Saints WRs in receiving touchdowns and receiving yards per target. With a market value of $1.1 million, New Orleans could bring him back as a serviceable third or fourth option at the position.
Keenan Allen: The Perfect Fit?
In his article on the perfect free agent option for every franchise in 2025 NFL free agency for USA TODAY, Jason Camenker writes:
“The Saints have kicked the can down the road enough that they are a whopping $54.1 million over the cap entering the 2025 NFL offseason. That will significantly limit their ability to make significant signings. Going after a veteran like [Keenan] Allen, who turns 33 in April, might suffice. The Saints need a No. 2 receiver across from Chris Olave and Allen could fill that void on a reasonable contract.”
Keenan Allen has started 10+ games per season since 2016, and he’s only missed the Pro Bowl twice during that span. Over his 12-year career, Allen averaged more than 73 receiving yards per game and has a catch percentage approaching 70%.
The combination of Allen’s lengthy frame and expansive catch radius would be a welcome addition for Carr, a slinger with a reputation for taking risks.
Despite turning 33 in April, Allen’s high-end production hasn’t declined like most of his cohorts. In 2024, he notched 70 catches for 744 yards and seven touchdowns in 15 games with a woeful Chicago Bears offense. It was only the second time since 2016 that Allen had less than 97 grabs or less than 992 receiving yards.
Allen ranks 27th on PFSN’s Top 100 NFL Free Agents. His experience and trustworthy hands could provide Carr with peace of mind, especially in high-pressure third-down situations. His route-running prowess and ability to find soft spots in zone coverage could extend drives and give opposing defenses fits.
Financial Considerations
Given the Saints’ disastrous cap situation, the team would need to get creative with contract restructuring and roster maneuvering.
Though Allen made more than $20 million with the Bears in 2024, his market value is a little over $11 million. Spotrac projects Allen will receive a two-year contract worth $22.1 million. The estimated contract value would place him 25th among all wide receivers.
Carr incurs the biggest cap hit with a dead cap of more than $50 million. He isn’t scheduled to be a free agent until 2027. The Saints could continue to do what they do best and kick the can down the road by restructuring his contract.
New Orleans could reduce Carr’s cap hit for 2025 from $50 million to $20.5 million by converting to bonuses and adding more void years, but he already has three.
At first glance, the Saints have put themselves in a tough spot with their active contracts. Cameron Jordan, Taysom Hill, and Demario Davis have three of the top five biggest cap hits, and they’re all in their mid-30s and will be free agents in 2026. They also all have dead cap hits of at least $12 million if they’re released or traded.
New Orleans could release or trade defensive end Nathan Shepherd, defensive tackle Khalen Saunders, tight end Foster Moreau, Shaheed, cornerback Alontae Taylor, and/or wide receiver Cedrick Wilson Jr.
General manager Mickey Loomis has a track record of navigating tight cap situations, so he’ll have to buckle up for another interesting offseason.
