Fantasy Upside
Sanders has consistently been a very solid receiver over the past few years, whether he was in Pittsburgh, Denver or San Francisco. Now he is in New Orleans and will continue to be a very solid fantasy option. He gives Drew Brees something he hasn't had in a bit and that's a legit receiver opposite Michael Thomas (no offense to Ted Ginn or Tre'Quan Smith, the latter of which is still developing). Sanders should see plenty of targets from Brees and eat into some of Thomas' workload.
Fantasy Downside
Sanders is starting to get a bit up there in age, as he enters his age-33 season. He's also cooled off a bit after a strong start to last season with the Broncos, before being traded to the 49ers. In total, he had 10 games with under 50 yards receiving during the regular season and totaled just five catches for 71 yards during the 49ers' playoff run. It's quite possible he posts some quiet games with all the mouths to feed in New Orleans.
2020 Bottom Line
Sanders is going to be a very nice compliment to Michael Thomas and should be a nice compliment to your fantasy rosters as a flex play or WR3. He could end up in the 70-80 catch range with the high amount of opportunities he's bound to receive in the Big Easy.