Derek Carr is coming off a disappointing first season with the New Orleans Saints, but the team is reportedly committed to the veteran quarterback heading into 2024.
Carr signed a four-year, $150 million deal with the Saints last offseason. He is currently slated to make $30 million in base salary in each of the next two years. Carr’s salary cap hit for 2024 is $35.7 million, and that figure rises to $45.7 million in 2025.
According to Luke Johnson of NOLA.com, Carr and the Saints are expected to agree to a restructured contract before the start of the new league year on Mar. 17.
If the Saints convert all but the $1.2 million veteran minimum of Carr’s 2024 salary into a signing bonus, they could free up roughly $21 million in cap space.
The Saints are more than $80 million over the salary cap as it currently stands, which is more than any other team by a wide margin. Johnson notes that Carr’s current contract allows the Saints to cut the quarterback with a fairly reasonable dead cap hit next offseason, but the team desperately needs to free up salary cap space. A restructuring would likely tie Carr to New Orleans through at least 2025.
Carr threw for 3,878 yards, 25 touchdowns and eight interceptions this past season. The numbers are not horrible when you factor in that he played through numerous significant injuries.
Still, the Saints finished 9-8 and missed the postseason. They are hoping for better results from Carr in 2024.
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