NFL Network Insider Ian Rapoport reports the New Orleans Saints will not match the Ravens' offer sheet made to Snead, which the receiver signed on Friday, per a source informed of the decision. The offer sheet was for two seasons and worth up to $10.4 million ($7 million base salary), per Rapoport. Snead receives a $2 million signing bonus and an additional $1 million base salary that's guaranteed in 2018.
The Saints had five days to match the restricted free agent tender. Sean Payton and Co. didn't need the entire allotment. The decision to let Snead walk came after the Saints added Cameron Meredith and re-signed Brandon Coleman this offseason. New Orleans will get no compensation for declining to match the tender to the 2014 undrafted free agent.
Snead, who compiled 1,879 yards on 141 receptions with seven touchdowns in 2015 and 2016 as a key part of the Saints offense, slides into the slot role in a revamped Ravens passing offense. The 25-year-old fits nicely alongside free-agent additions Michael Crabtree and John Brown. After a down 2017 campaign that included a three-game suspension and nagging hamstring injury, Snead has a chance to bounce back as the primary slot target in the Ravens' short-pass heavy offense.