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New Orleans Saints wide receiver Michael Thomas didn't report to the team Thursday for training camp, according to NFL Network's Ian Rapoport and Mike Garafolo.

Thomas is in the final year of his contract and looking for a long-term extension with New Orleans. Rapoport tweeted "the two sides are not there yet" and that the two-time Pro Bowler won't participate in training camp without a new deal.

ESPN's Adam Schefter noted the financial penalties Thomas might face:

Yahoo Sports' Charles Robinson reported Monday the Saints had offered a contract that averaged between $18 million and $19 million annually. However, Thomas was looking to get $20 million a year.

According to ESPN's Jeff Darlington, that's the number the Atlanta Falcons could potentially give Julio Jones, who's also in search of an extension.

At the least, it's safe to assume Jones, Thomas or both will reset the market for elite pass-catchers. Odell Beckham Jr. ($18 million) is the highest-paid at the position in terms of average salary, per Spotrac.

Thomas has proved to be one of the NFL's best receivers. He caught a league-high 125 passes in 2018 for 1,405 yards and nine touchdowns. Since entering the league in 2016, he's first in receptions (321) and fifth in receiving yards (3,787), according to Pro Football Reference.

Thomas saw a team-high 147 targets in 2018. Running back Alvin Kamara (105 targets) was second, and tight end Benjamin Watson (46 targets) was third. The Saints can only ask so much more of Kamara out of the backfield, while Watson is no longer on the team.

Were New Orleans to let Thomas walk as a free agent next offseason, his departure would create a massive void in the passing game, giving the team every reason to meet his demands.