Report: Saints restructure Thomas' deal, free up $8.7M in cap space

The New Orleans Saints continue to work their magic to get under the NFL's $182.5-million salary cap.

The Saints have restructured wide receiver Michael Thomas' contract, gaining $8.7 million in cap room, Ian Rapoport of NFL Network reports.

New Orleans has already reworked the deals of safety Malcolm Jenkins, guard Andrus Peat, defensive end Cam Jordan, and linebacker Demario Davis to help alleviate its cap issues.

The NFC South team also released wide receiver Emmanuel Sanders, cornerback Janoris Jenkins, and linebacker Kwon Alexander in recent days to save more than $19.5 million against the cap.

The Saints were once about $65 million over the cap, by far the worst such mark in the league. But the club should have that number down to roughly $16.8 million after reportedly restructuring Thomas' deal, according to Over The Cap.

Thomas, 28, had an injury-plagued 2020 season, finishing the year with 40 catches for 438 yards and no touchdowns. He broke the single-season NFL catch record with 149 receptions for 1,725 yards in 2019.

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