Saints restructure QB Derek Carr’s contract, free up $23 million in cap space
1 min read
#NFLBeast #NFL #NFLTwitter #NFLUpdate #NFLNews #NFLBlogs
#NewOrleans #Saints #NewOrleansSaints #NFC
By: Lucas Loffredo
Two down, many more to go…
The New Orleans Saints make their second cap move in consecutive days, this time restructuring the contract of starting QB Derek Carr saving $23 million in cap space, per ESPN’s Jeremy Fowler.
The #Saints are restructuring QB Derek Carr’s contract for salary cap purposes, a move expected to save the club around $23M in cap relief, per sources. Carr is due $30M in base salary, so converting a portion of that into a signing bonus can provide immediate savings
— Jeremy Fowler (@JFowlerESPN) February 23, 2024
This move was always known to be one of the sure restructures for the Saints as Carr carried a $35.7 million cap hit in 2024, which meant this was a must for a team who is in dire need of cap relief.
With this, the Saints are theoretically tying themselves to Carr for a little while or might just end up eating his dead cap at some point.
Carr is now due $50.3 ($20.3M guaranteed) in 2025 and $60.3 ($10.3 guaranteed) in 2026, which means the team will likely have to rework his deal again next year.
Restructuring Carr leaves the Saints with around $52 million over the cap, which means they still have some work to do but this move helps them tremendously in terms of becoming cap compliant.
Originally posted on Canal Street Chronicles – All Posts
