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Andrus Peat takes pay cut, Saints gain cap space

Mike Florio and Chris Simms analyze the Saints’ reported move to re-sign Michael Thomas to a one-year deal and weigh in on how he’ll contribute teamed up with Derek Carr next season.

The Saints’ work to create cap space has led to an alteration to left guard Andrus Peat’s contract.

According to multiple reports, Peat has agreed to a pay cut and the Saints converted the bulk of his remaining compensation to a signing bonus. The result is about $9.5 million in cap savings for the 2023 season.

In addition to that change, Peat’s contract is now set to void after this season. He had signed a five-year deal with the Saints in 2020, so that puts him on a quicker path to free agency while the void years on his contract give the Saints a way to stretch out his remaining cap hit.

Peat’s contract is one of many that the Saints have reworked or restructured as part of their annual dance to get their cap in order and there’s not too much juice left to squeeze from that lemon this offseason.