Rashid Shaheed's extension could give Saints the NFL's best WR bargain

The Saints know a value when they see it.

On Saturday, New Orleans signed wide receiver Rashid Shaheed to a one-year, $5.2 million extension, keeping the exclusive rights free agent with the organization through 2025.

Shaheed was a first-team All-Pro returner in 2023 and thrived in an expanded offensive role. The former Weber State star went undrafted in 2022 and scored a 44-yard touchdown on a jet sweep on his first NFL touch .

He followed that with a 53-yard touchdown reception four days later against the Cardinals on his second offensive touch.

Shaheed appeared in 15 games (eight starts) in 2023 and played 58% of his available offensive snaps, compared to 42% as a rookie.

He had 46 receptions, 719 yards and five touchdowns. He added 339 yards and a touchdown as a punt returner and 384 yards on 18 kickoff returns.

Per Stathead , he ranked 10th in the NFL in all-purpose yards (1,479) and was the only player with at least 500 receiving yards and 500 return yards last year.

Shaheed is a versatile threat who could blossom into a household name in offensive coordinator Klint Kubiak's offensive scheme, who was hired this offseason after spending 2023 as 49ers passing game coordinator.

It's easy to imagine Shaheed in a similar role to San Francisco wideout Deebo Samuel. The Niners were excellent at getting Samuel the ball in space by lining him up in various ways , including out wide, in the slot and in the backfield.

Since 2019 , Samuel is the only player in the NFL with at least 4,000 receiving yards and 1,000 rushing yards.

Shaheed is an excellent deep threat, but he could see more opportunities closer to and behind the line of scrimmage. Per data from Pro Football Focus , last season, 29.6% of Shaheed's targets came on targets 20 or more yards downfield and he had 12 receptions, 474 yards and five touchdowns on such plays.

Of his 71 targets, 56.4% were at a depth of nine yards or fewer, compared to a 70.1% rate for Samuel.

Given the team's perilous cap position, Shaheed's extension is precisely the type of move New Orleans needed to make.

According to Over The Cap , the Saints are a projected $88.2 million above the 2025 salary cap. General manager Mickey Loomis can implement his usual tricks to make the franchise cap-compliant, but adding outside talent could be challenging.

Shaheed is not only a valuable asset for New Orleans but also arguably one of the league's biggest bargains.

He's set to make $985,000 in 2024 and the Saints were wise to extend him before his stock soars out of their price range.