The New Orleans Saints are in a tough spot: they have plenty of good free agents set to hit the market, and no money with which to sign them. The team is currently $57 million over the salary cap, and while they can clear some space by cutting some players, they’ll need to spend wisely in the coming weeks. Pro Football Focus recently projected contracts for three of New Orleans’ top free agents, so let’s take a look at those projections and see if the Saints can afford to bring them back.
Now, it should go without saying that these are just educated guesses. Nobody knows what these players will get on the open market until free agency actually begins. That being said, they do provide a good ballpark figure of what to expect.
READ MORE: Should the Saints Trade For Derek Carr
PFF Projects Contracts For Three Saints Free Agents
1. Marcus Davenport, EDGE
Projected Contract: One-year, $12 million, $10 million guaranteed
If this is all Marcus Davenport is worth on the open market, then the Saints need to find a way to make the money work and bring back the talented pass rusher. Fortunately, it shouldn’t be too hard to structure a short-term contract that minimizes Davenport’s cap hit while still giving him an opportunity to receive a large payday. For example, the Saints could load up Davenport’s contract with “Not Likely to Be Earned” (NLTBE) incentives, which won’t affect the 2023 salary cap. In 2022, Davenport only recorded 0.5 sacks, so the Saints could tie a $2 million incentive to Davenport getting one sack, and that $2 million won’t impact New Orleans’ spending ability in 2023. If Davenport does record a sack, that $2 million will be charged to the 2024 cap.
Now, it’s worth mentioning that there is a very realistic chance Davenport gets a lot more than a one-year deal. As mentioned in his free agent profile, Spotrac projects that Davenport will receive a four-year, $93 million contract. Given their current financial situation, the Saints should not match that type of offer. Ultimately, Davenport’s future in New Orleans depends on if opposing teams are worried about his down 2022.
Good lord, Marcus Davenport pic.twitter.com/XzOwRWEqJF
— Luke Johnson (@ByLukeJohnson) November 16, 2020
2. Michael Thomas, WR
Projected Contract: one-year, $12.5 million, $10 million guaranteed
Michael Thomas is technically still a member of the New Orleans Saints, but his release is all but inevitable following his contract restructure. Needless to say, if the Saints are going through all this effort to cut him, they’ll have no interest in re-signing the former second-round pick to this type of contract. Thomas looked good in limited action last year, and there is a real chance that he ends up being one of the best free agent signings of the year if he can stay healthy. That being said, the Saints are in no position to gamble on his health, especially since they were on the losing side of that wager in each of the past three seasons.
3. David Onyemata, DT
Projected Contract: two years, $15 million, $10 million guaranteed
David Onyemata is a good player and, in a perfect world, the Saints would love to bring him back. However, he’s not a great player, and he doesn’t play a premium position. Teams with extra money or organizations in the midst of a Super Bowl window can justify signing somebody like Onyemata to a contract like this, the but Saints are not in that position. While it hurts to see a player like Onyemata walk, the Saints would be better off signing one of the cheaper free agents that can produce similar numbers. For instance, Panthers free agent defensive tackle Matthew Ioannidis is about as good as Onyemata, and PFF projects him to receive a cheaper contract. The Saints would be wise to save a few pennies by bringing in someone like Ioannidis instead of spending up for Onyemata.
Main Photo: Mark J. Rebilas – USA Today Sports
