Mike Garafolo of NFL Media reports that the Saints are restructuring QB Derek Carr’s contract and converting most of his salary into a signing bonus to create some cap space.
While there has been talk about Carr possibly taking a pay cut this offseason, in the end, the two parties agreed to keep him at his current $40 million salary.
This move will create around $30 million of available cap room for the Saints, which brings them closer to being under the salary cap before the start of the new league year next week.
Carr, 33, is a former second-round pick of the Raiders back in 2014. He was in the final year of his contract when the Raiders signed him to a five-year, $125 million extension that included $70 million guaranteed in 2017.
Carr stood to make a base salary of $19.77 million in the final year of his contract and was set to be an unrestricted free agent in 2023 when he signed a three-year, $121.5 million extension.
However, the Raiders released Carr the following season and he signed a four-year, $150 million deal with the Saints.
In 2024, Carr appeared in ten games for the Saints and completed 68.1 percent of his passes for 1,926 yards, 14 touchdowns, and four interceptions.
The post Saints Restructuring QB Derek Carr’s Deal, Creates $30M Of Cap Space appeared first on NFLTradeRumors.co.