The New Orleans Saints are restructuring quarterback Derek Carr's contract to manage a significant salary cap challenge. With a staggering $51.4 million cap hit looming, the team aims to retain Carr for a third season. Despite initial uncertainty from the newly hired offensive coordinator, Moore, regarding Carr's future, the Saints are committed to the quarterback through the 2025 season.
In January, Carr informed ESPN that he was unwilling to accept a pay cut. Nevertheless, the Saints found themselves needing to free up over $40 million in cap space at the start of March. The solution? A contract restructuring that ties Carr to the team while addressing financial constraints. By converting Carr's $30 million base salary and $10 million guaranteed roster bonus into a signing bonus, the Saints ease their cap concerns. This move will lower Carr's cap figure for 2025 to $20.4 million, while increasing his 2026 cap figure to $69.2 million.
Carr, who signed a four-year deal in 2023, still has two seasons remaining on his contract. His agreement is set to void on the last day of the 2026 league year. The restructuring not only secures Carr's place with the Saints but also opens up $30.9 million in cap space for 2025.
In addition to addressing Carr's contract, the Saints restructured center Erik McCoy's contract on Wednesday, freeing up an extra $7.1 million in cap space for 2025. These efforts reflect the team's strategic approach to managing financial challenges while retaining key players.
While several NFL sources speculate that Carr was open to exploring market opportunities in recent weeks, this restructuring reassures his continued presence with the Saints. As the team navigates its cap situation, keeping Carr on board demonstrates their commitment to building a competitive roster.
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