The Bears could've retained the 25-year-old with a second-round tender for around $2.9 million, but they instead opted for an original-round tender at approximately $1.9 million, removing the possibility of draft compensation if they failed to match an offer sheet. The Saints made a similar decision with Willie Snead, who doesn't seem to be generating as much outside interest as Meredith, a 2015 undrafted free agent coming off a torn ACL and MCL suffered in August. Meredith barely played as a rookie and missed all of last season, but he caught 66 of 96 targets for 888 yards (9.3 per target) and four touchdowns across 14 games in 2016. His new contract suggests the Saints expect him to occupy a regular spot in three-wide formations alongside Michael Thomas and Ted Ginn, while Snead will need to find a new home or else accept a spot further down the depth chart. Meredith probably won't be available for on-field work this spring, but he'll be 11 months removed from his initial injury when the Saints open training camp in late July. The team's medical staff presumably gave the front office a positive report on the wideout's rehab progress after he visited New Orleans in late March.