Chris Olave already has established that he would like to remain with the New Orleans Saints, and the organization has reciprocated its interest in getting a long-term deal done with its star wide receiver.
Now the two sides just need to figure out what that actually looks like.
Olave is entering the final year of his rookie contract, playing on the fifth-year option the Saints exercised last offseason. He is set to count about $15.5 million against the 2026 salary cap, and that number is certain to grow whenever Olave signs his new deal.
So, what might that look like? Using recent precedent, it’s safe to assume Olave is going to command more than $30 million annually based on his history of production and what other similar players have agreed to in contract extensions.
The timing is working out in Olave’s favor. He is coming off of his best professional season, having set career highs in receptions (100), receiving yards (1,163) and receiving touchdowns (nine) on his way to second-team All-Pro honors from The Associated Press. All of those figures ranked top 10 among NFL players, regardless of position.
It was important for Olave to re-establish the upward trajectory of his career after an injury-plagued 2024 season that left his future in doubt. Even if there are fair arguments to make about whether Olave is a true No. 1 wide receiver — a nebulous term with plenty of room for interpretation — there is no doubt Olave proved he can produce like a premier NFL wide receiver.
Nine NFL wide receivers make at least $30 million per year. A few extension-eligible players should join those ranks soon. Stars Puka Nacua and Jaxon Smith-Njigba are newly eligible to sign extensions, and George Pickens could become a free agent after a breakout 2025 season (although reports suggest the Dallas Cowboys will use the franchise tag on Pickens, giving him about a $28 million salary).
Olave shouldn’t be in the conversation to reset the market in the way that Nacua and Smith-Njigba may be, but he occupies the same tier as players such as Jaylen Waddle ($28.3 million average per year), Terry McLaurin ($29 million APY) and his college teammate at Ohio State Garrett Wilson ($32.5 million APY).
Waddle signed his extension in May 2024, while Wilson and McLaurin signed theirs a year ago. The salary cap is expected to make another record jump this year, with the number likely clearing $300 million for the first time in league history, which is going to lead to bigger contracts for star players.
Olave and Wilson have put up similar numbers since they were selected with back-to-back picks in the 2022 NFL Draft. McLaurin has outpaced Olave’s production since Olave entered the league in 2022, but he was 29 years old when he signed his recent extension, while Olave turns 26 in June.
So $30 million feels like the starting point. As is typically the case, it would benefit the Saints to get a deal wrapped up sooner rather than later because of the way contract negotiations work — although it may not be up to them if Olave and his representatives wish to let the market do some work for them.
As previously referenced, both Nacua and Smith-Njigba are eligible to sign extensions this offseason. Currently, Ja’Marr Chase is the NFL’s highest-paid receiver by a significant margin, with his $40.3 million APY around $5 million per year more than his former LSU teammate, Justin Jefferson.
But that could change this offseason, which might further shift the goal posts in Olave’s favor.