The New Orleans Saints’ contract talks with Chris Olave just got a lot more expensive.
Atlanta Falcons wide receiver Drake London agreed to a four-year, $141 million extension worth up to $150 million, according to multiple reports. The deal includes $100 million guaranteed and makes London one of the highest-paid wide receivers in the NFL.
That matters in New Orleans because London is one of the cleanest comparisons on the market for Olave. Both were selected in the first round of the 2022 NFL draft. Both play in the NFC South. Both entered the league as polished route-running receivers expected to become No. 1 options. And both are now at the stage where teams either pay early or risk watching the price climb.
Spotrac posted after London’s agreement that “the big winner” from the Falcons extension should be Olave, who is currently in negotiations with the Saints and “should be in line for a very similar deal.” Saints reporter Nick Underhill put it more bluntly on X: “Chris Olave just got more expensive.”
That is the hard part for New Orleans. The Saints may have known a major Olave extension was coming. London’s deal just gave Olave’s camp a fresh number to point to.
Drake London’s Deal Gives Chris Olave a New Contract Benchmark
London’s extension reportedly averages $35.25 million per year before incentives. It also comes with $100 million guaranteed, a key figure because total contract value can be inflated by non-guaranteed salary and incentives.
That does not automatically mean Olave will get the exact same deal. London has been more productive by some measures and just landed a contract from a division rival that clearly viewed him as a foundational offensive piece. London had 309 catches for 3,961 yards and 22 touchdowns across his career to date, including a 100-catch, 1,271-yard season in 2024.
But Olave’s case is strong enough that London’s deal cannot be dismissed as irrelevant.
Olave is scheduled to play the 2026 season on his fifth-year option, which Spotrac lists at $15.493 million. His original rookie deal was worth $19.27 million over four years, fully guaranteed, after the Saints drafted him No. 11 overall in 2022.
That fifth-year option gives New Orleans short-term control. It does not give the Saints cost certainty beyond 2026. If Olave plays out the season and remains healthy, the next pressure point becomes either a long-term extension, the franchise tag or the risk of a bidding war if he reaches free agency.
London’s deal gives Olave’s side a cleaner argument: the price for a young, first-round WR1 is now well north of $30 million per year.
The Saints’ Waiting Game Carries Real Risk
There is a reasonable case for the Saints to be careful. Olave’s career has included injury concerns, and he missed the end of the 2025 season after being diagnosed with a blood clot in his lungt. The issue was caught early and that Olave was expected to return for offseason training.
That context matters. Guaranteed money is where teams get nervous, and London’s $100 million guarantee figure may be the most important part of the deal for New Orleans.
Still, waiting has its own cost. The wide receiver market has rarely moved backward. If the Saints decide to let Olave play deep into the 2026 season without a deal, they are betting that either his price stabilizes or that no other receiver resets the market before they finish negotiations.
That is a dangerous bet.
London is not the only young receiver in line for major money. Every new extension near the top of the market gives agents another data point. If Olave stacks another strong season on top of his résumé, the Saints may not be negotiating from a stronger position in January than they are now.
There is also a roster-building reason to act sooner. A long-term extension can lower or manage short-term cap charges depending on how the Saints structure signing bonus, option bonus and base salaries. Playing Olave on the fifth-year option is simple, but it keeps his 2026 number fixed at $15.493 million without giving the team long-term flexibility.
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