Saints sign All-Pro safety to two-year extension

Tyrann Mathieu was already on the books for 2024 but now has a new deal in place. The All-Pro safety has agreed to a two-year pact with the Saints, as first reported by Nick Underhill of NewOrleans.Football.

CBS Sports’ Josina Anderson adds that this agreement has a value of $13M. Mathieu was owed $9M in 2024 on his previous pact, with a scheduled cap hit of just over $12M. New Orleans could have moved on via his release, but that route would have produced negligible cap savings. Instead, the 31-year-old will remain in place for a third and fourth Saints campaign. Underhill notes that the new deal will lower the 2024 cap number to roughly $5.5M.

Mathieu originally signed a three-year, $33M deal with the Saints following the end of his Chiefs tenure. Kansas City did not offer a new contract then, leaving the LSU alum free to join his hometown team. He has remained a full-time starter over the past two seasons, racking up seven interceptions and 17 pass deflections during that span.

The Saints have again been actively restructuring contracts to move toward cap compliance. Earlier this afternoon, the team was over $17M over the cap. Teams have until 3 p.m. CT on March 13, when the 2024 league year begins, to move under the $255.4M salary ceiling. The Saints have faced greater challenges than this year’s on the cap front, moving down from more than $100M back in 2021. Mickey Loomis‘ team continues to grind away, and this Mathieu accord represents another step.

With Marcus Maye in and out of the lineup due to injuries and a suspension, Mathieu’s presence has been more important for a Saints team that is still trying to find its footing post-Drew Brees. Even in Year 11, Mathieu remains one of the league’s better back-line presences. Pro Football Focus ranked the safety and experienced slot stopper 10th at his position last season.

The Honey Badger intercepted four passes, notching 122 return yards and a touchdown, and broke up nine more in his second Saints slate. Mathieu notched a pick-six in the Saints’ 34-0 win over the Patriots. Maye could not stay healthy in New Orleans, which will lead to his exit as a post-June 1 cut, but Mathieu has not missed a game since signing with the team in May 2022.