The New Orleans Saints signed Chris Olave’s deal to a contract extension that looks good on the surface, and it just keeps getting better as more details come out. His deal was always going to be compared to his 2021 draft class mates Garrett Wilson and Drake London. That’s the first clear win for Mickey Loomis and company in negotiations.
Drake London got paid this offseason, and there was a belief that elevated Olave’s market. The $33 million annual average originally reported falls under London’s contract and only slightly above the deal Wilson signed a year prior.
Olave's annual salary is essentially $31 million per year. He can earn $2 million in bonuses each year.
— Nick Underhill (@nick_underhill) July 31, 2026
$400K First-team All Pro
$400K Pro Bowl
$400K 1,200 yards
$400K for 101+ receptions
$400K for 10+ TDs
Chris Olave's incentives clearly show the Saints landed a massive W with this contract
That annual amount is a bit misleading. Olave can make up to $33 million per year, but he has to hit certain metrics to get to that amount. Operating on averages because each year has a different base salaries, the contract is really $31 million with $2 million in annual incentives.
With a detailed look at said incentives, the Saints got him on a bargain. Olave's incentives are made up of 1st team All-Pro, Pro Bowl, 101+ catches, 10+ touchdowns, 1200+ receiving yards. If he hits all these incentives every year, Olave would massively underpaid at $33 million.
These incentives are essentially what Olave would have hit last year if he played in the season finale, minus Pro Bowl and 1st team All-Pro. The message to the receiver is to keep doing what you're doing.
The thing is that's going to be more difficult with Jordyn Tyson and Travis Etienne on the team. Tyson's influence on the incentives is more apparent, but Etienne has a quiet impact on the figure as well. The Saints simply won't be slinging the ball around all day because they'll lean into balance with the running attack.
Truthfully, there will be multiple years of the extension in which Olave doesn't hit half of those metrics. The emphasis on running the football will limit some of the opportunities, and Tyson should eat into Olave's catches as well. It wouldn't be surprising to see Olave be more efficient, though, so it'll be interesting to watch for yardage.
The Saints also have a per game bonus in the contract, worth $80,000 per game, which protects them in case of injury. Olave may have made it through the season without a concussion scare, but the Saints are smart to protect themselves. On top of that, Olave likely isn't hitting his incentive metrics without playing a full season.
Olave received the long term commitment he was looking for, and the Saints got him at an extremely fair price with injury protection included. There's hard to see an angle in which the Saints lost.
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