We knew this was coming, but now it’s confirmed, and there’s no going back. The New Orleans Saints will be releasing quarterback Jameis Winston and wide receiver Michael Thomas on Wednesday with post-June 1 designations, per Over The Cap’s Jason Fitzgerald, making both of them unrestricted free agents. A number of other players around the league are being let go with the same designation, including Odell Beckham Jr.
It’s unclear whether Thomas was given permission to begin speaking with other teams prior to being released, like Winston, but that’s a reasonable assumption. In Winston’s case, he already knows where he’ll be playing football in 2024: the Cleveland Browns. Winston has agreed to terms on a one-year deal worth up to $8.7 million. He’ll be backing up Deshaun Watson who is still recovering from season-ending surgery on his throwing shoulder in 2023.
Teams are only allowed to designate two releases as post-June 1 cuts each offseason, which is done for accounting purposes to help manage the salary cap. Here are the remaining salary cap hits the Saints will carry in 2024 and 2025 after moving on from both players:
- 2024: $15.69 million in total. $11.1 million (for Thomas) and $4.59 million (for Winston). This is about 6.1% of the salary cap
- 2025: $16.54 million in total. $9.18 million (for Thomas) and $7.36 million (for Winston). This is about 5.9% of an estimated $280 million salary cap
It’s frustrating to lose so much salary cap space for players no longer on the roster, but that’s the cost of doing business sometimes. And things will get a little easier for the Saints on June 2, at which point they will get some cap relief. They’ll receive a $2.42 million cap credit for both players’ base salaries coming off the books, which can go towards signing their rookie draft class.
We’ll see what’s next for both of them, and for the Saints. Players come and go but the NFL’s calendar keeps moving on.
