Earlier this spring, it was learned extension negotiations were underway between Chris Olave and the Saints. No deal has been struck yet, but team and player are looking to finalize an agreement.
When speaking about the status of contract talks, general manager Mickey Loomis said (via ESPN’s Katherine Terrell), “obviously we’d love to have something done sooner than later and I’m sure Chris would as well, but we’re not there yet.” It will be interesting to see if progress can be made in the near future.
Loomis added (via Terrell) Olave has frequently been around the team with talks going well so far. That certainly suggests an agreement will be in place prior to training camp this summer. As things stand, Olave is a pending 2027 free agent since he is set to play on his fifth-year option. The Ohio State product is due $15.49MM in 2026.
Any long-term pact will no doubt cost more. The top of the receiver market moved to $42.15MM when Jaxon Smith-Njigba inked his Seahawks extension. Olave will not be expected to reach that figure on a second Saints contract, but 15 wideouts currently average between $20MM and $30MM annually. A pact toward the more lucrative end of that range could be feasible for Olave, who is approaching his age-26 season.
New Orleans has relied heavily on the former No. 11 pick since his arrival. Olave has been targeted at least 119 times in three of his four NFL seasons. The lone exception was 2024, a campaign in which injuries limited him to eight games. Olave previously gave thought to retirement in the wake of his concussion history, but he managed to return to full health and reprise his role as a focal point on offense this past season. Even with first-round rookie Jordyn Tyson in the fold, Olave will be counted on to remain a 1,000-yard producer well into the future provided an extension gets worked out.
The Saints find themselves in much better financial shape than previous years with respect to contract flexibility. New Orleans is currently projected to have roughly $49MM in cap space in 2027, a figure which should make an Olave raise viable. If positive indications continue to emerge in this case, news of an agreement could be coming shortly.