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 4-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 March 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 restructure would likely tie Carr to New Orleans through at least 2025.
Carr threw for 3,878 yards, 25 touchdowns and 8 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.
