The New Orleans Saints hope to finalize a game-changing contract extension with All-Pro wide receiver Michael Thomas, and they’re reportedly working with a deadline: July 25, the day veteran players are set to report for training camp. It’s easy to say that the Saints should (or shouldn’t) just give Thomas a blank check. But what would a big-time deal between Thomas and the Saints look like?

To find out, we consulted the Market Value Calculator over at Spotrac.com, which proposes the largest contract for a wide receiver in NFL history: $102,331,350 over five years, at an average annual salary of $20.4 million. That would boost Thomas from No. 90 among the league’s wideouts in per-year salary to No. 1. In the greater scope of the entire NFL, he’d go from No. 813 to No. 18.

They didn’t just pull this figure out of a hat. To come up with an accurate estimate, the analysts at Spotrac considered recent contracts signed by top NFL receivers like Odell Beckham Jr. ($90,000,000 over five years) and DeAndre Hopkins ($81,000,000). Because each of the players sampled signed their new deals at age 25 — and Thomas is already 26 — the values were slightly adjusted in a linear regression.

This spit out a starting point: $84,036,585 over five years, or an average salary of $16,807,317. That would be much more of a team-friendly deal than the contract Spotrac arrived at. Here’s how that number climbed higher.

To take things a step further, Spotrac compared recent performances from Thomas against those same players and a few of their peers, measuring variables like bulk targets, receptions, and receiving yards, as well as dropped passes and yardage gained after the catch. They also weighed per-game stats.

What they found was that Thomas was utilized much more often than other star receivers. He averaged more receptions per game (6.7) and yards per game (81.4) than Beckham, Hopkins, or Brandin Cooks and Mike Evans while also dropping far fewer passes (just 0.07 per game), and boasted the best passer rating when targeted (90.95). So he was clearly the most productive player of the bunch.

These are all values and variables the Saints will haggle over with Thomas’ agent. Thomas is reportedly asking for somewhere around $22 million per year; while the Saints are comfortable making him the NFL’s highest-paid wideout, their starting point was closer to $18 million. It’s possible that both sides end up meeting somewhere in the middle near $20 million, which would be right at the number proposed by Spotrac.