It seems like Landry is transitioning into a complementary role with the Saints after being a target hog for the majority of his career. Sharing the field with Michael Thomas and rookie Chris Olave certainly suggests that his target share will continue to slide. Last year he had 7.3 per game after averaging 8.6 over his first seven seasons. There's no doubt Landry will still have some good games, but they'll likely be touchdown-dependent. He's a decent bench receiver you should be able to snag with a pick after Round 10, especially in PPR leagues.
The ideal scenario for Landry’s fantasy outlook would be another setback for Michael Thomas. Short of that, Landry could face a target-volume issue. His history of drawing strong target shares across 2 different teams would generally bode well. But Thomas and Alvin Kamara also bring strong target-share histories, plus greater familiarity with Saints coaches and at least some experience with Jameis Winston. New Orleans has sported a low-volume passing offense over the past 2 years, and Winston brings the extra risk of coming off an ACL tear. Ultimately, Landry’s a decent PPR bet from his low-WR5 to high-WR6 ADP. But it’s tough to see a high fantasy ceiling here in any format.
Landry signed with the Saints. The veteran slot man peaked with five consecutive top-20 fantasy campaigns during 2015-19, but his usage and durability have dipped the past two seasons and he's finished worse than 30th each of the past two seasons. Landry has always been limited a bit by a short-range, slot role (career 7.7 aDOT) and minimal goal-line work (5.3 TDs and 5.4 end zone targets per season), but he's overcome that with massive target shares. He's still been at or above a 24% share in seven straight seasons, which is impressive, but the missed time and career-low TD output (five TDs the last two seasons) have led to the recent slump. Landry is now 29 years old and has more competition than usual for targets with Michael Thomas and Chris Olave in the mix. Landry figures to max out as a PPR flex in deeper leagues.