Per OverTheCap.com, New Orleans sits about $39 million over the salary cap.
Restructuring Carr’s contract could save the team nearly $31 million. However, the Saints would still be millions over the league limit. Therefore, they must make additional moves to clear cap space and free up money to spend.
Restructuring contracts will bring the team under the cap fastest, as they don’t need permission from the player and their representation to do so. However, while restructuring deals for aging veterans carries significant risk, applying this strategy to younger talent tends to be a smarter, long-term approach. Fortunately, the Saints have several viable options, each with notable savings potential.
All told, these restructures total a savings of more than $14 million.
These contract adjustments, plus Carr’s $31 million savings, would allow New Orleans to pursue new acquisitions or re-sign key players like Paulson Adebo or Chase Young, who could even save additional funds if re-signed. These are the next moves expected for the Saints, in addition to potential pay cuts, releases, and further restructure options.
Free agency is right around the corner and the Saints expect to be more active than last year. These moves are the requisite precursor to adding talent ahead of 2025.
