Saints restructure Derek Carr’s contract to clear cap space

By Ross Jackson

NEW ORLEANS – The biggest salary cap domino has now fallen for the New Orleans Saints. The team has addressed starting quarterback Derek Carr’s contract and they did it just the way most expected they would: a restructure.

Per NFL Media’s Ian Rapoport, the Saints are converting the majority of Carr’s salary into a signing bonus, allowing them to spread out the cap hit and save up to $30.996 million in the process. The report was confirmed by Nick Underhill of NewOrleans.Football.

#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

If the Saints fully restructure the contract, they will convert most of Carr’s $30 million base salary and likely his already guaranteed $10 million signing bonus to free up cap space. However, they could opt to restructure only part of his payment. Yet, given their history, New Orleans typically takes an all-in approach with these types of moves.

The Saints worked to find other alternatives in addressing Carr’s contract, likely discussing possibilities for salary reduction. However, without much leverage, a different course of action was needed.

This move does not marry the Saints to Carr in 2026, unlike some have suggested. However, it does mean that if New Orleans wants to move on from Carr, it will come with $59 million of dead cap.

If the Saints decide to move on after this year, designating him as a post-June 1 cut before the 2026 lead year will be the best course of action. 

But for now, the Saints and Carr should be more worried about what they plan to do in 2025. With a new coaching staff, offense, and more now set in New Orleans, Carr will be at the helm.