Saints Save $23 Million, Rework Derek Carr’s Deal

Around the same time reports emerged stating the Seattle Seahawks had restructured Geno Smith’s contract, similar reports came out surrounding Derek Carr’s deal with the New Orleans Saints.

Sources close to the situation have disclosed to ESPN’s Jeremy Fowler that the Saints are in the process of reconfiguring quarterback Derek Carr’s contract — a move that will open up approximately $23 million in salary cap space for the team.

Originally set to earn a $30 million base salary in the 2024 season, Carr’s contract restructuring involves a substantial portion of that sum being turned into a signing bonus. This adjustment will certainly help the Saints, who are aiming to unlock approximately $80 million in cap space through various contract restructurings.

Sources indicate that the Saints are set to make a few more contract adjustments — including restructuring the contracts of center Erik McCoy, guard Cesar Ruiz, and defensive end Cam Jordan.

Carr, 32, threw for 3,878 yards, 25 touchdowns, and eight interceptions in his debut season with the Saints. Despite Carr’s strong close to the season, the Saints (9-8) fell short in the NFC South tiebreaker against the Tampa Bay Buccaneers. The franchise has now missed the playoffs three years in a row.