The New Orleans Saints hold the ninth overall pick in the 2025 NFL Draft and were potentially in the quarterback market with Derek Carr’s future with the team uncertain. The 11-year vet has spent the last two seasons with the Saints, but Carr’s big contract was becoming an issue with New Orleans perpetually in salary cap hell.
The Saints recently restructured Carr’s contract, making it clear they want him as their signal-caller in 2025 and taking themselves out of the quarterback market.
Saints Restructure Derek Carr’s Contract, Save $30 Million in Cap Space
Carr was selected by the then Oakland Raiders in the second round of the 2014 NFL Draft and was the starter for all nine of his seasons with the organization. He was selected to the Pro Bowl four times and made the playoffs in 2016 and 2021, although a late-season fibula fracture kept him out of the team’s 2016 Wild Card Game.
The Raiders released Carr following the 2022 season and he signed a four-year, $150 million contract with New Orleans. He led his new team to a 9-8 record in 2023 despite suffering a shoulder injury in Week 3. The Saints missed the playoffs due to tiebreakers but were expected to compete for the NFC South crown in 2024.
Last season started hot for New Orleans, as the Saints went 2-0 and scored 91 points in the first two weeks. Unfortunately, things quickly turned for Carr and the Saints, with the QB suffering an oblique injury in Week 5 and the team losing seven straight games. Carr missed the next three games after his injury and the team was already out of the playoff chase by the time he returned.
Carr started the next five games before fracturing his hand and being concussed in Week 14. Those injuries ended his season. Carr finished the 2024 season with 2,145 yards, 15 touchdowns, and five interceptions. His contract situation became a pressing issue as he was set to make $40 million in 2025, but New Orleans was well over the salary cap limit.
NFL Insiders Ian Rapoport and Mike Garafolo recently reported that the Saints restructured Carr’s contract, converting most of his 2025 money to a signing bonus.
#Saints starting QB Derek Carr, after numerous talks with the team about his 2025 compensation, is getting most of his salary converted for salary cap reasons, per me and @MikeGarafolo.
Carr sticks after all in New Orleans, and he’s set to make his full $40M. pic.twitter.com/TP8gZqdB1g
— Ian Rapoport (@RapSheet) March 8, 2025
Rapaport tweeted, “#Saints starting QB Derek Carr, after numerous talks with the team about his 2025 compensation, is getting most of his salary converted for salary cap reasons, per me and @MikeGarafolo. Carr sticks after all in New Orleans, and he’s set to make his full $40M.” This is huge for both New Orleans and Carr, as it’s clear he’s the Saints’ quarterback for 2025.
This is the ultimate sign the #Saints want Carr as their QB in 2025. No pay cut. No restructure to move money forward. They’re now on the hook for most of the $40m due this season. https://t.co/zdbrZpd1J1
— Mike Garafolo (@MikeGarafolo) March 8, 2025
Garafolo tweeted, “This is the ultimate sign the #Saints want Carr as their QB in 2025. No pay cut. No restructure to move money forward. They’re now on the hook for most of the $40m due this season.” Carr will now have a base salary of just $1.255 million next year, a signing bonus of $19.2 million, and a salary cap hit of $20.4 million. His 2026 cap hit is now $69.2 million, but the team has kicked the can down the road at least one more year.
The conversion on Carr's contract will clear up about $30 million in cap space, per source.
— Nick Underhill (@nick_underhill) March 8, 2025
Saints reporter Nick Underhill tweeted about New Orleans’ cap savings saying, “The conversion on Carr’s contract will clear up about $30 million in cap space, per source.” The Saints had been in “cap hell” seemingly for forever, but now have some relief. They still have work to do to be cap compliant, but it’s more realistic they get there after this move.
The front office can now focus on other positions of need heading into the 2025 NFL Draft and PFSN’s Ian Cummings, in his latest mock draft, predicts they’ll select Arizona wide receiver Tetairoa McMillan at No. 9.
Clearly, finding a resolution to Carr’s contract dilemma was critical in giving New Orleans a chance to compete in 2025.