Some may forget as he hasn’t played like it, but Saints wide receiver Rashid Shaheed was an undrafted free agent just two years ago. And like most unrestricted free agents who find their way to the 53-man roster early in their careers, Shaheed faces free agency after only two seasons in the league. With fewer than three accrued seasons in the NFL, Shaheed qualifies as an exclusive rights free agent, allowing the team to retain him with a simple tender offer, which they chose to do this week, according to John Hendrix of Sports Illustrated. 
This tender offer from New Orleans guarantees that Shaheed will be on the roster in 2024. Exclusive rights free agents essentially only have a take-it-or-leave-it option. If the team decides to make a tender offer, a one-year contract at the value of the league minimum for a three-year veteran, the player is unable to negotiate with other teams and is required to sign the deal in order to play in 2024.
For the league minimum, New Orleans is getting quite the steal. As a rookie, Shaheed was a solid complementary wide receiver. This past season, Shaheed only got better, solidifying himself as a reliable WR2 behind Chris Olave. In addition to his receiving duties, Shaheed has established himself as the team’s primary return man over the last two years, even getting Pro Bowl and first-team All-Pro honors as a returner this season.
While the wide receiving corps is set to look slightly different in 2024 with veteran wide receiver Michael Thomas expected to be released when the new league year begins, Shaheed will now return alongside Olave and A.T. Perry, providing some young consistency for quarterback Derek Carr next season.