The New Orleans Saints are signing wide receiver Chris Olave to a four-year extension worth up to $132 million, including $90 million guaranteed, his agents Drew Rosenhaus and Jason Rosenhaus told ESPN's Adam Schefter.
The Saints confirmed the extension but did not disclose terms of the deal.
Olave's extension comes after almost a year of negotiations. The Saints have been in discussions with Olave on a new deal since the beginning of last season. Olave, a 2022 first-round pick from Ohio State, was set to play this season on his fifth-year option if a deal did not get done.
The extension will put him under contract through 2030. The deal is the biggest contract the Saints have given to a wide receiver since Michael Thomas got a then-record five-year deal worth up to $20 million a year in 2019.
The new contract ends a minor "hold-in" from Olave, who has participated in both of the Saints' training camp practices but only did individual position drills and walk-throughs.
"I think the biggest thing is there's the business side and there's the football side obviously. And we know sometimes those two overlap. It's inevitable. And I think communication is the key," Saints coach Kellen Moore said after Thursday's practice. "As long as we all communicate and we're all on the same page. I think we always have to remind ourselves, everyone has the same goal. Everyone's shooting for the same things. It's just sometimes the business side takes a little bit of a lead on this for a matter of time and we'll work through that."
Olave has been an active participant throughout the Saints' offseason and was involved in almost every practice leading up to training camp.
"The contract is a whole different side of the game. It's the business side. I feel like we going to come down to that before training camp. I hope we do so we don't affect the chemistry and stuff going into training camp, but I think it's going to get done soon," Olave said at OTAs.
Olave's contact in practice was limited earlier in the offseason after he was put on blood thinners after he developed a blood clot in the final week of the season.
Saints general manager Mickey Loomis said before training camp that Olave is now fully cleared.
"Chris has been as enthusiastic and optimistic as anyone. So really, really appreciate the way he's conducted himself. And that's not just this year, it's every year with Chris. So he's an absolute joy to have on our team," Loomis said prior to camp opening.
It also comes less than two years after Olave sustained at least two known concussions during the 2024 season. Olave missed the final eight games of the season after he was taken off the field on a backboard following a blow to the head in a game against the Carolina Panthers on Nov. 10, 2024.
He consulted with specialists outside the building and briefly contemplated retirement before committing to football for the 2025 season. He entered the 2025 season healthy and enjoyed his best season, finishing with 100 receptions for 1,163 yards and nine receiving touchdowns in 16 games.
Loomis said that Olave's health was one of the factors involved in the negotiations.
"It's an element. It's a variable in there. I don't want to get into the details of what we talked about, but that's certainly a variable," Loomis said.
Olave thanked the Saints last December for sticking by him through some of his health struggles.
"This is where I want to be, man. They took a chance on me," Olave said then. "They traded up in the draft to be able to come get me. They've been nothing but good to me. They was here for me last year when I was going through that tough time, but they told me to take my time. They stood by my side."
