The Saints are signing Bears restricted free agent wide receiver Cameron Meredith to an offer sheet, a source tells ESPN.com’s Adam Schefter (on Twitter). The Bears will have an opportunity to match, but they will not receive draft compensation if they decline to do so. 
The offer sheet is a two-year deal worth $9.6MM ($5.4MM guaranteed), plus incentives, Ian Rapoport of NFL.com tweets. Considering that the Bears declined to use the second-round tender – a one-year, $2.914MM placeholder – it seems unlikely that the Bears will match.
The Saints have a clear need for WR help given their lack of quality options behind starters Michael Thomas and Ted Ginn Jr. The Saints tendered Willie Snead at the original round level, but he is coming off of a down season and can’t be relied upon even if he is retained. Meredith could replace Snead as the Saints’ slot receiver and provide support alongside Tommylee Lewis, Austin Carr, and Paul Turner.
Meredith, 26 in September, is coming off a torn ACL which cost him all of the 2017 season. In 2016, he caught 66 passes for 888 yards in just ten starts.
5 million guaranteed only. Bears have the cap space. I hope they match. He had a good year before losing last year to injury. Kind of guy you root for. Match it Bears!!
I think Meredith is probably a victim of being in the wrong place at the wrong time. The Bears haven’t a lot of patience with injured WRs after what they have gone through with Kevin White. It would be nice to see him make a comeback but it will probably have to occur somewhere besides Chicago.
I would be shocked to see the bears match. Although Pace does his own thing so anything is possible.
The Bears have CAP space to play withso I think it’ll be matched then trade Cam to the Saints for a mid to late 2018 round draft pick
wouldnt the bears get the Saints 2nd round pick if they choose not to match the offer sheet?
Nope. They’d get nothing
I don’t think the tender level had anything to do with money or the Bears interest level. It’s possible they just wanted the market to set the price. Had they put a 2nd rd tender on him, then the market never would’ve developed because teams would’ve been scared off by the compensation. So now they know the market, and they have the opportunity to match it.
If other teams had been scared off by a second round tender they could’ve signed him for less. This was not a smart move on Pace’s part.